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U.S. markets recover from steep losses
TEMPE, Ariz., Sept. 1 (UPI) -- The nation's manufacturing sector grew in August at a slower rate than in July amid continued pricing pressure, an Arizona-based trade group said Friday.
The Institute for Supply Management, based in Tempe, said its manufacturing index registered 54.5 in August, just below the 54.7 July reading.
A reading of 50 or more indicates expansion, while below 50 shows contraction.
The growth in the overall economy was slowing too, but the supply management group did not offer figures.
"The major concerns in manufacturing at this point are the continued upward pricing pressure that has existed for the past 13 months, and some industries are experiencing a degree of inventory buildup," said Institute chairman Norbert Ore.
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