By Freddie Mooche

(AXcess News) Washington - The latest Institute for Supply Management survey showed manufacturing rose 56.3 in August compared to 55.5 on the ISM index the prior month.  Managers also indicated that job growth could lie ahead if conditions continue to improve.  The report marked the 13th consecutive monthly gain in the ISM's manufacturing index.

Anything above 50 indicates growth and with August's manufacturing index gaining 0.8 basis points it appears that U.S. manufacturers are growing at a pace well above the economic consensus on the street, which pegged August's ISM survey results at 53.

Thanks to a prolonged weakness in the dollar, overseas orders helped propel August factory growth as did demand for capital equipment and supplies.

Yet in looking back, April showed an ISM reading for the manufacturing sector of 60.4, which was its highest level in six years.

Now indications are that manufacturing will slow as indicated by the ISM New Orders survey which was 53.1 in August, down 0.4.  It marked the lowest level since June 2009 after surging earlier this year.

Norbert J. Ore, Chair of the ISM Business Survey commented on last month's report saying, "Manufacturing activity continued at a very positive rate in August as the PMI rose slightly when compared to July. In terms of month-over-month improvement, the Production and Employment Indexes experienced the greatest gains, while new orders continued to grow but at a slightly slower rate."