The Institute for Supply Management’s manufacturing index jumped to a 14-year high of 61.3% in August from 58.1% in July. The report also said that the overall economy grew for the 112th consecutive month. However, the only industry that showed a decrease in new orders in August was “Primary Metals,” a group that includes aluminum and steel producers.
The ISM index is compiled from a survey of executives who order raw materials and other supplies for their companies. The gauge tends to rise or fall in tandem with the health of the economy.
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