Sixteen consecutive years of growth: ISM report
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Manufacturing News, Source : TheManufacturer.com
Published : 02 May 2005 20:58
Manufacturing's economic growth keeps on coming, though slowly, while hitting a 16-year milestone, according to a new report from the Institute for Supply Management released today.
Economic activity in the manufacturing sector grew in April for the 23rd consecutive month, while the overall economy grew for the 42nd consecutive month, said the nation's supply executives in the latest Manufacturing ISM Report On Business.
The report was issued by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. “In April, the manufacturing sector grew for the 23rd consecutive month based on the ISM data. This represents the longest period of growth in the last 16 years. However, the rate of growth slowed to its lowest level since July 2003. The trend is definitely toward a slower pace of growth, and that should relieve some of the pricing pressure that the sector has experienced during 2004 and year to date in 2005. Declines in Inventories indicate that manufacturers are adjusting to slower growth in new orders.”
The PMI indicates that the manufacturing economy grew in April for the 23rd consecutive month. The PMI for April registered 53.3 percent, a decrease of 1.9 percentage points when compared to March’s reading of 55.2 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding, and below 50 percent indicates that it is generally contracting.
Survey respondents said:
Electronics: “Business is mixed, robust in some areas, softening in others.”
Fabricated metals: “Many of our customers have shifted away from USA-made and now 'direct import' from Asia. Our sales have been very spotty this quarter.”
Furniture: “Steel prices continue to abate. More and more companies are accelerating their offshore initiatives to combat the raw material increases in the US.”
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