The Manufacturing Purchasing Managers Index (PMI) in September indicated overall growth in the US economy fell by 0.6pc to 55.4pc from 56pc in August, according to the Institute for Supply Management (ISM).
The New Order Index declined by 7.4pc to 60.2pc in September from 67.6pc during the month prior, while the Production Index dropped by 2.3pc to 61pc. The Inventory Index rose by 2.7pc to 47.1pc from 44.4pc during the period, while supplier deliveries increased to 59pc from 58.2pc, the ISM reported.
Order backlogs in the US rose by 0.6pc to 55.2pc in September from a month earlier, while the Price Index climbed by 3.3pc to 62.8pc from 59.5pc. The US’s New Export Order Index was up by 1pc to 54.3pc in September from 53.3pc in August, but the Import Index fell by 1.6pc to 54pc from 0 55.6pc.
Despite the challenge faced by the manufacturing sector, which stem from the COVID-19 pandemic, ISM reported that companies have kept operating and maintaining output levels.