The Chicago Institute for Supply Management’s Purchasing Managers Index for August cooled off to a seasonally adjusted reading of 53.0 in August, compared to the 53.7 reading in July. The August number fell short of consensus forecasts for a reading of 53.2. Any reading above 50.0 indicates expansion.
The index for production rose to 57.4, from 54.5 in the previous month. New orders climbed to 54.8 in August from 52.9 in July. However, the index for order backlogs plunged to 41.7 from 52.8, the third time this year it has significantly declined and the lowest reading since Sept. 2009. The employment reading jumped to 57.1 from 53.3, recovering more than half of last month’s retreat.
Economists watch the regional manufacturing reports for any early signals on the national outlook. The Chicago index includes manufacturers and service providers with operations in the United States and abroad, making the gauge a measure of overall growth.
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
