New economic data sends mixed messages
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Manufacturing News, Source : TheManufacturer.com
Published : 17 Sep 2003 14:35
According to the latest figures released by the Federal Reserve concerning industrial production rose just 0.1 percent in August after having risen 0.7 percent in July.
Manufacturing output edged down 0.1 percent in August after three consecutive months of gains. The production at utilities moved up 1.9 percent, and mining output increased 0.2 percent.
"The very meager 0.1 percent gain in August industrial production and -0.1 loss in manufacturing production is very worrisome," said Daniel J. Meckstroth, Chief Economist for the Manufacturers Alliance/MAPI. "Sharp declines in motor vehicles and primary metal industries led the downturn which were exacerbated by loss of production in the import sensitive textile and apparel industries.
The Fed report runs counter to the very positive August Institute for Supply Management (ISM) report and strong July new orders in manufacturing," Meckstroth said. "It seems clear the rebound in manufacturing is going to be a struggle with the millstone of an uncompetitive value of the dollar and high costs of doing business around the sector's neck."
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