Economic activity in the manufacturing sector failed to grow in August, said the Institute for Supply Management (ism.ws).rnWhile new orders rose 3.3 points sequentially, production dropped slightly to 52.1%. Inventories were up 4.3 points to 49.3% and customer inventories were up 7.5 points to 54.5%. Backlogs inched to 43.5%. The August PMI dropped 10 basis points to 49.9%. (A reading above 50% indicates the manufacturing economy is generally expanding.)rnThe overall economy grew for the 82nd consecutive month, according to ISM.
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