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Survey Based Measures <br />40 <br />45 <br />50 <br />55 <br />60 <br />65 <br />70 <br />Institute of Supply Management (ISM) Surveys <br />ISM Manufacturing ISM Services <br />EXPANDING <br />CONTRACTING <br />The Institute f or Supply Management (ISM)manufacturing index remained in contraction territory at 47.6 in August, up from 46.4 in July. <br />This is the tenth consecutive month of readings below 50.0,which is indicative of contraction in the manufacturing sector.The Institute <br />for Supply Management (ISM)services index expanded for the seventh consecutive month to 52.7 in July from 53.9 in June,as business <br />activity,new orders,and the employment index continued their expansion. The July data reflects continued strength in the services <br />sector, although the trend is decelerating. <br />Source: Institute for Supply Management <br />10