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Factories Downshifting On Weary Consumers, ISM's Aug. Data Show Index Falls To 10-Month Low Inventories not too bare as demand for durables like autos stalls, sputters.(A)
Byline: JED GRAHAM
The nation's factory sector downshifted a bit in August after a stretch of spectacular growth, as softer consumer spending began to have an impact.
The Institute for Supply Management's index of factory activity eased to 59 from 62 in July, ending a remarkable nine months above the robust 60 level. Readings above 50, as have been seen for 15 straight months, are consistent with expanding activity.
The ISM's production index cooled to a still-strong 59.5 from 66.1 in July, while the new orders gauge dipped to 61.2 from 64.7.
But activity remained strong in the face of soaring energy prices. The ISM's gauge of prices paid to suppliers rose to 81.5 from 77.
While the report showed the factory upturn remains on solid ground, some of the drivers of that activity may be starting to fade.
The export orders index slid to an 11-month-low of 54.2 from 56.2 in July, while the order backlog gauge fell to a 10-month-low of 55 from 58.
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