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Obama: ISM August Manufacturing Index a Sign of Economic Recovery

President Barack Obama says the Institute of Supply Management's (ISM) August manufacturing index report showing economic growth for the first time since January 2008 is "a sign that we're on the path to economic recovery." The 52.9 percent index, up from 48.9 percent in July, is the highest since June 2007 and the first time in 19 months that the index has indicated manufacturing growth; a number above 50 indicates that the sector is expanding. In remarks at the White House earlier today, Obama cautioned that recovery is still a long process, but said, "This is another important sign that we're heading in the right direction, and that the steps we've taken to bring our economy back from the brink are working." The ISM reports that 11 out of 18 manufacturing industries reported growth in August: textile mills; apparel, leather and allied products; paper products; miscellaneous manufacturing; printing and related support services; computer and electronic products; transportation equipment; nonmetallic mineral products; electrical equipment; appliances and components; fabricated metal products; and chemical products. Industries showing contraction were primary metals; plastics and rubber products; furniture and related products; wood products; food, beverage and tobacco products; and machinery. The ISM's index for September will be released on October 1.

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