U.S. manufacturing activity dipped in August, but continued to show expansion for the 25th consecutive month, the Institute for Supply Management said Thursday.
ISM’s monthly factory index declined to a reading of 50.6, a two-year low, from a 50.9 reading in July, the group said. Figures over 50 indicate expansion.
The reading was higher than economists’ projections of a drop to 48.5, Bloomberg reported.
Ten of 18 manufacturing sectors showed expansion for the month, ISM said.
ISM’s factory index measures manufacturing components of the economy.