By Ovunc Kutlu
ISTANBUL (AA) - The US manufacturing sector in September contracted for the 11th consecutive month, according to a report released Monday by the Institute for Supply Management (ISM).
The ISM manufacturing purchasing managers' index (PMI) came in at 49% last month -- 1.4 percentage points higher than the 47.6% recorded in August.
While a reading above 50 indicates growth, one below that shows contraction.
The market expectation for the index, based on replies from purchasing and supply executives in more than 400 industrial firms, was to come in at 47.7% in September.
"The overall economy expanded weakly after nine months of contraction following a 30-month period of expansion," said Timothy Fiore, the chair of ISM Manufacturing Business Survey Committee.
The new orders index failed to leave the contraction zone in September, recording a 13th consecutive month in that territory, by coming in at 49.2% -- 2.4 percentage points higher than 46.8% in August.
The production index in September, on the other hand, posted a reading of 52.5%, which was a 2.5 percentage point increase from August's figure of 50%.