Following eight-consecutive monthly improvements in a key survey of manufacturing, the ISM Manufacturing Index fell 0.3 points to 52.6 in September, shy of the consensus forecast provided by Bloomberg of 53.5.
"The manufacturing sector grew for the second consecutive month in September (as the level remains above 50). While the rate of growth moderated slightly when compared to August, the recovery broadened as the number of industries reporting growth increased from 11 to 13.
Both new orders and production are growing, but at a slower rate when compared to August,” the chair of the Institute for Supply Management said.
New orders fell 4.1 points to 60.8 but are holding at a healthy level and are pointing to future gains in manufacturing. Exports, which are benefitting from growth overseas, slipped just 0.5 points to 55.0.
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