Economic indicators: High and mighty
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Manufacturing News, Source : The Manufacturer US
Published : 29 Jan 2004 17:45
Economic activity in the manufacturing sector grew again in December, for a total of six consecutive months of growth, while the overall economy grew for the 26th consecutive month, according to the ISM’s Report On Business released last month. The New Orders Index reading was the highest since July 1950.
“With the PMI growing at an accelerating rate, the manufacturing sector enjoyed its best month since December 1983,” said Norbert J. Ore, C.P.M., chair of ISM’s Business Survey Committee, in his monthly statement. “The strength in December’s data provides significant encouragement for prospects in the first quarter of 2004...The month-over-month growth from November to December indicates a rapid recovery taking place in the sector, though there are still some businesses lagging and wondering when they will see
the improvement that others
are experiencing.”
Of the 20 industries in the manufacturing sector, 17 industries reported growth. ISM’s PMI registered 66.2 percent in December, an increase of 3.4 percentage points when compared to 62.8 percent in November. ISM’s New Orders Index rose 3.9 percentage points from 73.7 percent in November to 77.6 percent in December. ISM’s Production Index rose 4.7 percentage points from 68.3 percent in November to 73 percent in December. The ISM Employment Index is at 55.5 percent for December, an increase of 4.5 percentage points when compared to the 51 percent reported in November.
ISM’s Supplier Deliveries Index registered 58.8 percent, 2.8 percentage points higher than November’s 56 percent. ISM’s Inventories Index registered 47.3 percent in December, down from the 50 percent reported in November. ISM’s Customers’ Inventories Index for December is at 39 percent, a decrease of 0.5 percentage point compared to the November reading of 39.5 percent. ISM’s Prices Index in December is 66 percent, two percentage points higher than the 64 percent reported in November.
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