Manufacturing index shows anemic growth   

The Institute of Supply Management reported that the Purchasing Managers' Index (PMI) plunged from 55.3 in June to 50.9 in July. This represents 24 consecutive months of growth, but is the lowest index over the 24-month period. A PMI over 50 indicates growth while a PMI under 50 indicates contraction in the manufacturing sector of the economy. The index reached a low of 32.5 in December 2008 but then recovered more quickly than other areas of the economy. Manufacturing has been a bright spot in the economy and this dramatic drop is certainly a cause for concern about where the economy is headed for the balance of 2011. The vertical bars in the graph represent recessions.