The Electrical Equipment, Appliances & Components industry segment was one of six industries reporting contracting in the month of August in the Manufacturing Report On Business from the Institute for Supply Management.
Overall economic activity in the U.S. manufacturing sector expanded in August for the 25th consecutive month, and the overall economy grew for the 27th consecutive month, according to the report.
Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Manufacturing Business Survey Committee, said the overall PMI registered 50.6% in August, down 0.3 percentage points from July. However, this indicated expansion in manufacturing for the 25th consecutive month. The Production Index, at 48.6% in August, indicated contraction for the first time since May of 2009.
"The overall sentiment is one of concern and caution over the domestic and international economic environment, which is affecting customers' confidence and willingness to place orders, at least in the short term," Holcomb said.
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