ISM Releases September Manufacturing Report On Business
Thursday, October 02, 2008
Press release from the issuing companyTempe, Arizona (October 01, 2008) - Economic activity in the manufacturing sector failed to grow in September, while the overall economy grew for the 83rd consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. "The PMI indicates a significantly faster rate of decline in manufacturing during September, marking a departure from the 2008 trend toward negligible growth or contraction each month. This is the lowest level for the PMI since October 2001. This month's report is showing prices rising at a much slower rate, as the Prices Index fell to the lowest level in 21 months. Export orders continued to increase, but at a slower rate than in August."
PERFORMANCE BY INDUSTRY
The six industries reporting growth in September - listed in order - are: Petroleum & Coal Products; Paper Products; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; Computer & Electronic Products; and Chemical Products. The industries reporting contraction in September are: Nonmetallic Mineral Products; Textile Mills; Wood Products; Furniture & Related Products; Apparel, Leather & Allied Products; Machinery; Transportation Equipment; Primary Metals; Fabricated Metal Products; Printing & Related Support Activities; Plastics & Rubber Products; and Electrical Equipment, Appliances, & Components.
WHAT RESPONDENTS ARE SAYING ...
- "We have experienced a larger-than-expected slowdown in orders during the last month." (Electrical Equipment, Appliances & Components)
- "Steel, a main raw good for our business, has finally started showing some signs of softening a bit." (Machinery)
- "Business continues to slow down. Fourth quarter 2008 is going to be down 15 percent from third quarter." (Fabricated Metal Products)
- "Customers waiting for material price reductions in the face of falling oil prices." (Plastics & Rubber Products)
- "Continued strong export demand across several product lines." (Chemical Products)
view the full report here:
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