Today, the Institute for Supply Management released their latest Report on Business for the manufacturing sector indicating that economic activity continued to weaken in August with assessments of many measures slowing.
At 50.6 the purchasing manager’s composite index (PMI) declined 0.59% since July sliding 8.33% below the level seen a year earlier.
Some respondents indicated sluggish domestic sales, slowing trends and headwinds coming from customers unwillingness to commit to purchases:
"Business is soft, confidence is down, and we are cutting inventory and expenses." (Machinery)
"Exports continue to be strong — domestic weak." (Computer & Electronic Products)
"Current headwinds in the national and international economic environment have increased uncertainty, and are affecting our customers' willingness to commit to high-dollar equipment purchases." (Transportation Equipment)
"We continue to post solid numbers, but the situation seems tenuous." (Plastics & Rubber Products)
"Automotive business (represents 52 percent of our sales portfolio) continues to be strong. Core business has pulled back slightly." (Apparel, Leather & AlliedProducts)
"Sales continue to be sluggish." (Furniture & Related Products)