02 September 2008 16:52 [Source: ICIS news]
HOUSTON (ICIS news)--The US manufacturing sector shrank slightly in August compared with the previous month, according to industry data issued on Tuesday.
Chemicals were among the production areas showing gains amid the overall decline.
The Institute of Supply Management (ISM) said that its closely watched purchasing managers index (PMI) for the nation’s manufacturing economy posted a nominal decline to 49.9% compared with 50% reported in July.
A PMI reading of 50% or higher indicates that manufacturing industries - key downstream consuming sectors for chemicals - are experiencing growth. A reading below 50% means that the broad manufacturing sector is contracting.
The index showed that the overall economy is growing and the manufacturing sector is contracting, the ISM said.
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