ECONOMIC INDICATORS
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Manufacturing News, Source : The Manufacturer US
Published : 02 Oct 2003 10:08
The creep continues
While the millions without jobs might not see it this way, the latest manufacturing data indicates it was a good summer for manufacturers. Economic activity in the sector grew again in August for the third consecutive month, while the overall economy grew for the 22nd consecutive month, according to the Institute for Supply Management’s Report on Business.
“The surge in August Production is very positive for the manufacturing sector,” said Norbert J. Ore, C.P.M., chair of ISM’s Business Survey Committee, in his monthly statement. “The Production Index is the highest that it has been since June 1999, when it also registered 61.6 percent. The New Orders Index reflected its highest reading since January 2003. The overall picture is encouraging as many manufacturers traditionally experience an upturn during the last four months of the year.”
Of the 20 industries in the manufacturing sector, 13 industries reported growth. ISM’s PMI is 54.7 percent in August, an increase of 2.9 percentage points when compared to 51.8 in July. ISM’s New Orders Index rose 3 percentage points from 56.6 percent in July to 59.6 percent in August. ISM’s Production Index rose 8.3 percentage points from 53.3 percent in July to 61.6 percent in August. The ISM Employment Index is at 45.9 percent for August, a decrease of 0.2 percentage point when compared to the 46.1 percent reported in July.
ISM’s Supplier Deliveries Index registered 53.3 percent, 2.2 percentage points higher than July’s 51.1 percent. ISM’s Inventories Index declined to 42.5 percent in August from the 45.9 percent reported in July. ISM’s Customers’ Inventories Index for August is at 43 percent, an increase of 0.5 percentage point compared to the July reading of 42.5 percent. ISM’s Prices Index in August is 53 percent, the same as reported in July.
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