American manufacturing expanded at a slower pace in September in another indicator that the US recovery from the coronavirus pandemic is not moving forward at a robust rate, according to data from the ISM Manufacturing Purchasing Managers’ Index.
The ISM Index slid from 56 in August to 55.4 in September. Analysts had forecasted a slight increase to 56.3 for the month. Any measurement of the index above 50 shows an increase in manufacturing.
The New Order Index fell from 67.6 to 60.2, while the manufacturing Employment Index increased from 46.4 to 49.6, indicating manufacturing jobs are contracting, but at a slower rate.