Charging ahead
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Manufacturing News, Source : The Manufacturer US
Published : 03 Dec 2003 13:30
If recent trends continue, the manufacturing sector may be the bellwether for an imminent economic recovery. According to the Institute for Supply Management's Report On Business, economic activity in the manufacturing sector grew again in October, the fourth consecutive month of growth. The overall economy grew for the 24th consecutive month.
"This is the best report that we have seen in quite some time in terms of the overall strength of manufacturing," said Norbert J. Ore, C.P.M., chair of ISM's Business Survey Committee, in his monthly statement. "The picture continues to improve, and it appears that manufacturing will finish 2003 on a very positive note, assuming the recent trend continues."
Of the 20 industries in the manufacturing sector, 14 industries reported growth. ISM's PMI is 57 percent in October, an increase of 3.3 percentage points when compared to 53.7 in September. ISM's New Orders Index rose 3.9 percentage points from 60.4 percent in September to 64.3 percent in October. ISM's Production Index rose 5.3 percentage points from 57.3 percent in September to 62.6 percent in October. The ISM Employment Index is at 47.7 percent for October, an increase of 2 percentage points when compared to the 45.7 percent reported in September.
ISM's Supplier Deliveries Index registered 53.9 percent, 1.5 percentage points higher than September's 52.4 percent. ISM's Inventories Index rose to 44.5 percent in October from the 42.7 percent reported in September. ISM's Customers' Inventories Index for October is at 39 percent, a decrease of 5.5 percentage points compared to the September reading of 44.5 percent. ISM's Prices Index in October is 58.5 percent, 2.5 percentage points higher than the 56 percent reported in September.
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