Manufacturing continues to strengthen

Tuesday, Sept. 3, 2002 | 11:09 a.m.

NEW YORK -- U.S. manufacturing activity grew for the seventh straight month in August, though at a pace that was below analysts' expectations, an industry group reported today.

The Tempe, Ariz.-based Institute for Supply Management said its index of business activity remained steady at 50.5 in August compared with July. Analysts had been expecting a reading of 51.8.

An index above 50 signifies growth in manufacturing, while a figure below that shows contraction.

"Manufacturing activity improved slightly during August," said Norbert Ore, chairman of the institute. "Steel price concerns are less than they were last month. The decline of the U.S. dollar seems to have helped exports while slowing imports."

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