The adjusted PMI exceeded the 50.8 value recorded in August 2007, but was below the 52.4 average in the same month in the previous three years.
The unadjusted index fell to 49.0 in August from 50.9 in July.
A PMI over 50 reflects an expanding manufacturing sector, while a PMI under 50 indicates a contraction.
Among the sub-indices that comprise the index, the new order volume index rose 5.2 from July to 56.6 in August, its highest value for the month since 2002 and well over the 53.3 average value in the same month in the previous three years. The production volume index dropped 2.2 to 51.6, well under the 55.2 average in the same month in the previous three years, and the employment index slipped 2.8 to 49.3, unchanged from its average August value for the previous three years. The delivery time index fell 1.5 to 49.7, reflecting increasing delivery time after a reduction since March, and practically level with the average for the month in the previous three years, and the purchased stocks index fell 3.2 to 50.7, well under the August average in the previous three years of 55.1.
Among the indices that Halpim publishes but does not include in the PMI, the index for stock of finished goods rose 1.0 from July to 53.0 in August, practically level with the average value in the same month in the previous three years, and the purchase prices index dropped 5.5pc to 61.0, its lowest level for the year thus far after peaking at 68.7 in May, and well under the 63.7 average for the month in the previous three years. The purchased volume index dropped 2.2 to 51.3 to reach its lowest level for the month since 1999. The export volume index rose 2.1 to 51.7 and the import volume index climbed 1.8 to 53.4, showing imports are expanding faster than exports. (MTI – Econews)
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