By Robert Hughes
The Institute for Supply Management's manufacturing PMI composite index fell to a reading of 47.8 from 49.1 in August (see top chart). For this index, 50 is neutral, with readings above 50 suggesting expansion and readings below 50 suggesting contraction in manufacturing. Historically, readings above 42.9 have suggested expansion of the overall economy. The September result is the 125th consecutive month above 42.9 but the second month below 50.
Among the key components of the manufacturing index, the production index was 47.3 in September, down from 49.5 in August, suggesting manufacturing output