Author: Chris Vavra – Associate Editor, CFE Media
Economic activity in the manufacturing sector grew in August 2020. The overall economy notching a fourth consecutive month of growth, say the nation’s supply executives in the Institute for Supply Management’s (I.S.M.) Report On Business. The August purchasing manufacturers’ index (PMI) registered 56%, up 1.8 percentage points from the July reading of 54.2%. New orders rose more than six percent to 67.6%; production also increased over a point to 63.3%. Fifteen of the 18 industries involved in the index reported growth in August.
“After COVID-19 brought manufacturing activity to historic lows, the sector continued its recovery in August, the first full month of operations after supply chains restarted and adjustments were made for employees to return to work,” said Timothy R. Fiore, CPSM, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee in a press release. “Survey Committee members reported that their companies and suppliers operated in reconfigured factories, with limited labour application due to safety restrictions. Panel sentiment was generally optimistic (1.4 positive comments for every cautious comment), though to a lesser degree than July.”
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