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Economic activity in the U.S. manufacturing sector in August was about the same as in July, the Institute for Supply Management reported.
The ISM's key purchasing managers' index for manufacturing, released today, registered 49.9 in August, nearly unchanged from 50.0 in July. Readings of more than 50 indicate expansion.
"This continues the 2008 trend toward negligible growth or contraction each month, but ultimately results in very little overall change in the sector," said Norbert Ore, chair of the institute's manufacturing business survey committee.
The employment portion of the index fell to 49.7 in August from 51.9 in July.