Overall economic activity slowed in September as exports languished
October 5, 2022 - Economic activity in the US manufacturing sector continued slight growth in September, with the overall economy achieving its 28th consecutive month of growth, according to the nation’s supply executives in the latest Institute of Supply Management (ISM) Report on Business.
New export orders tumbled to a reading of 47.8, down from 49.8 in August showing a further contraction of the nation’s exports. Imports, on the other hand, grew slightly to 52.6, up from 52.5 in August. Any number of 50 or higher depicts growth.
In America’s Heartland, the Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas reported that, “Supply chain bottlenecks and a very strong dollar punished exports as the September reading again fell below growth neutral but increased to 44.5 from 43.8 in August. On the other hand, the stronger dollar and regional manufacturing expansion pushed the imports index above growth neutral to 50.1, but it was down from August’s 52.6.”