The Institute for Supply Management’s (ISM) manufacturing index rose to 59.0 in August from July’s 57.1, indicating expansion in the manufacturing sector for the 15th consecutive month. The August reading marked its highest level since March of 2011. The new orders subindex reached its highest reading in more than a decade, increasing 3.3 points over July. The employment subindex decreased slightly from the previous month but remained well anchored in expansionary territory at 58.1, suggesting that manufacturing payrolls continue to increase. According to ISM, 17 of 18 industries reported growth for August. The textile mill industry was the only one reporting contraction.
