August manufacturing output continued to decline for the fifth month in a row, as reported by the Institute for Supply Management (ISM). The Purchasing Managers’ Index (PMI) rose slightly to 47.2 from July’s 46.8, indicating ongoing contraction since a brief growth in March. The PMI has remained below the growth threshold of 50 for 21 of the last 22 months, with the overall economy still growing, albeit at a slower pace. The August PMI is also 0.9% lower than the 12-month average.

Source: https://www.scmr.com/article/august-manufacturing-output-falls-reports-ism