But that marked the third consecutive month of growth for the sector that comprises about two-thirds of the world's largest economy after contracting in April and May amid the coronavirus pandemic. He also noted that there is a fair amount of concern around capital goods investments, which he said is essentially dormant at this point.
The survey measures the change in manufacturing activity, not the level of that activity.
ISM reported that 15 of the 18 manufacturing sectors it tracks saw growth in August, including: Wood Products; Plastics & Rubber Products; Food, Beverage & Tobacco Products; Textile Mills; Chemical Products; Computer & Electronic Products; Primary Metals; Fabricated Metal Products; Machinery; Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Miscellaneous Manufacturing; Electrical Equipment, Appliances & Components; Paper Products; and Transportation Equipment.More news: LG may show off its dual screen "Wing" smartphone on September 14th
" Besides, followed by the release of ISM US Manufacturing activity data that picked up to a almost 22-month high in August, American Dollar had sharply bounced back alongside the Wall St., while Nasdaq and S&P 500 had clocked another record-setting closure". Readings above 50 indicate expansion, and the figure surpassed almost every estimate in a Bloomberg survey of economists and the median projection of 54.8.
In Tuesday's Caixin, Chinese factories reported the first increase in new export orders this year in August as overseas countries eased COVID-19 restrictions to kick start their economies. The three industries reporting contraction in August are: Printing & Related Support Activities; Petroleum & Coal Products; and Furniture & Related Products.
The survey noted that the decline in foreign exports weighed slightly on overall new orders as firms cited subdued demand conditions from overseas. "As the pandemic drags on. manufacturers, even those tied most tightly to goods spending, are hardly in the clear". Profits at China's industrial firms last month grew at the fastest pace since June 2018, data showed on Thursday. Eight industries reported increased employment while seven said jobs were cut. A measure of customers' inventories dropped to its lowest level since June 2010, an indication that orders could rise further.More news: U.S. Jobless Claims Give Mixed Picture With Shift in Adjustments
"Employment remained an important focus".
The Institute for Supply Management's (ISM) manufacturing index rose more than expected last month to 56 percent from 54.2 percent in July, with key metrics continuing their expansion after business shutdowns caused by Covid-19 badly hit factories earlier this year. But the survey's measurement of hiring shrank for the 13th-straight month. At the same time, a $600 weekly unemployment supplement funded by the government expired on July 31.
When asked about the continued slowing of supplier deliveries in August, Nieves said that it is more capacity-related while also related to the pandemic, but at a reduced level for the latter.More news: David Blaine to perform "Ascension" stunt in Arizona