Investing.com – Manufacturing activity in the U.S. rose unexpectedly in September, industry data showed on Monday.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 51.6 in September from 50.6 in August.
Analysts had expected the ISM index of purchasing managers to ease down to 50.5 in September.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices rose unexpectedly in September, climbing to 56.0 from 55.5 in August, confounding expectations for a decline to 54.3.
The Production Index registered 51.2, indicating a return to growth after contracting in August for the first time since May of 2009.
The New Orders Index remained unchanged from August at 49.6, indicating contraction for the third consecutive month.
Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee said, “Comments from respondents generally reflect concern over the sluggish economy, political and policy uncertainty in Washington, and forecasts of ongoing high unemployment that will continue to put pressure on demand for manufactured products.”
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.52% to trade at 1.3318.
Meanwhile, U.S. equity markets pared losses following the report. The Dow Jones Industrial Average fell 0.3%, the S&P 500 index dipped 0.35%, while the Nasdaq Composite index declined 0.4%.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 51.6 in September from 50.6 in August.
Analysts had expected the ISM index of purchasing managers to ease down to 50.5 in September.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices rose unexpectedly in September, climbing to 56.0 from 55.5 in August, confounding expectations for a decline to 54.3.
The Production Index registered 51.2, indicating a return to growth after contracting in August for the first time since May of 2009.
The New Orders Index remained unchanged from August at 49.6, indicating contraction for the third consecutive month.
Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee said, “Comments from respondents generally reflect concern over the sluggish economy, political and policy uncertainty in Washington, and forecasts of ongoing high unemployment that will continue to put pressure on demand for manufactured products.”
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.52% to trade at 1.3318.
Meanwhile, U.S. equity markets pared losses following the report. The Dow Jones Industrial Average fell 0.3%, the S&P 500 index dipped 0.35%, while the Nasdaq Composite index declined 0.4%.