TEMPE, AZ — Economic activity in the manufacturing sector grew in August for the 39th consecutive month, while the overall economy grew for the 58th consecutive month, according to the latest survey of manufacturers by the Institute for Supply Management.

"Manufacturing growth continued at a very strong pace in August. Though the rate of growth was slightly under that of July, the sector continues to enjoy strength in new orders and production," said ISM spokesman Norbert J. Ore.

The PMI indicator of manufacturing economy growth registered 54.5%, down 0.2 points from July. A reading above 50% indicates that the manufacturing economy is generally expanding.

A PMI over 42%, over a period of time, generally indicates an expansion of the overall economy. The August PMI indicates that both the overall economy and the manufacturing sector are growing.

The PMI year-to-date corresponds to a 4.5% increase in real GDP.

"In August we also saw an uptick in manufacturing employment," Ore said. "The major concerns in manufacturing at this point are the continued upward pricing pressure that has existed for the past 13 months, and some industries are experiencing a degree of inventory buildup."

Nine industries reported growth in August including Computer & Electronic Products.