WASHINGTON (dpa-AFX) - Manufacturing activity in the U.S. expanded for the ninth consecutive month in September, according to a report released by the Institute for Supply Management on Thursday.
The ISM said its manufacturing PMI edged down to 54.5 in September from 54.6 in August, but a reading above 50 still indicates growth. Economists had expected the index to inch up to 55.0.
The slight decrease by the headline index partly reflected a slowdown in the pace of production growth, as the production index dipped to 56.7 in September from 58.3 in August.
The inventories index also fell to 48.6 in September from 50.6 in August, while the supplier deliveries index edged down to 59.0 in September from 59.3 in August.
Meanwhile, the report said the new orders index climbed to 55.3 in September from 53.7 in August and the employment index rose to 52.7 in September from 51.2 in August.
The ISM also said the prices index jumped to 77.9 in September from 71.1 in August, indicating a notable acceleration in the pace of price growth.
Next Monday, the ISM is scheduled to release a separate report on U.S. service sector activity in the month of September.
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