Manufacturing sector contracts in August

(Sept. 4, 2012) -- Activity in the U.S. manufacturing sector contracted for the third consecutive month in August 2012, and the pace of decline accelerated slightly as indicated by the Institute for Supply Management (ISM) manufacturing index edging down to 49.6 from 49.8 in July. A reading below 50 indicates the sector is generally contracting, said Jeffries, who noted the reading missed expectations for an increase in the measure to 50.0 and represented the lowest level of the index since June 2009.