01 August 2013 16:42 [Source: ICIS news]
HOUSTON (ICIS)--Growth in the overall ?xml:namespace>
In its monthly purchasing managers index (PMI), the Institute for Supply Management (ISM) said that the index gained 4.5 percentage points in July, raising the reading to 55.4% from June’s measure of 50.9%.
The PMI is a composite of supplier responses to the ISM’s monthly survey of 10 different business performance measures in 18 major manufacturing sectors.
A PMI reading above 50% indicates the
July’s jump was driven by substantial growth in key subsidiary indexes, including an increase of 11.6 percentage points in production to 65.0%, 6.4 points in new orders to 58.3% and 5.7 points in employment to 54.4%.
Of the 18 manufacturing sectors surveyed by the ISM, 13 reported growth, including chemicals production. Plastics and rubber production was one of the five that reported contraction.
An unidentified chemicals industry executive responded to the survey request for comment by saying: “Business remains flat. Looking for some seasonal bump as we come to the beginning of our ‘busy’ time.”
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