Confidence holding
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Manufacturing News, Source : The Manufacturer US
Published : 04 Sep 2002 11:49
Positive economic signs continue to appear, including revised June figures for manufacturers’ new orders and steady consumer satisfaction with durable goods.
The revised June new orders figure showed a drop of 2.4%; earlier estimates were -3.8%. Manufacturers’ and trade inventories, excluding semiconductors, were up 0.2% from May but down 4.7% from June 2001.
The American Customer Satisfaction Index remained the same for the second quarter of this year, following two straight quarters of improvement. “Even though the ACSI is unchanged for this quarter, the historical relationship between spending and satisfaction would have suggested a higher level of spending than what was reported by the Commerce Department for the second quarter,” said Professor Claes Fornell, director of the University of Michigan Business School’s National Quality Research center, which compiles ACSI data. “Barring extraordinary or unexpected events, it would be reasonable to expect a modest rebound in consumer spending for the remainder of the year.”
The July manufacturing report from the Institute of Supply Management showed growth in the manufacturing sector for the sixth consecutive month. “The Purchasing Managers Index (PMI) declined, but still indicated growth as 12 industries reported improvement in July,” said Norbert Ore, chair of the institute’s manufacturing business survey committee.
“The key to restoring stronger growth is first to understand that the economy is in much better shape than most people realize,” said Jerry Jasinowski, president of the National Association of Manufacturers at the President’s recent economic forum in Waco, Texas. “The negatives of high interest, escalating energy prices, and excessive capacity have abated, and we now see inventories being rebuilt, industrial production rising, profits stabilizing, and the first signs of new capital expenditures.
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