The manufacturing sector grew for the 27th consecutive month in August, according to the recently released Manufacturing ISM® Report on Business®. The August manufacturing PMI was 52.8%, the same reading as July. The food, beverage, and tobacco products industry was one of 10 industries that reported growth.
The food, beverage, and tobacco products industry reported decreased prices for raw materials, as well as a decline in new order, a decrease in employment, and slower supplier deliveries.
One industry respondent commented, “Inventories are far too high, and we are on pins and needles to see how quickly and at what magnitude our busy season begins. We will start seeing that in the next few weeks.”