Slump over?
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Manufacturing News, Source : The Manufacturer US
Published : 06 Jan 2003 10:03
Economic indicators remain unclear, although some signs point to a recovery. The Institute of Supply Management’s PMI index for November was 49.2, up from October’s 48.5 but below economists’ expectations.
Economic indicators remain unclear, although some signs point to a recovery. The Institute of Supply Management’s PMI index for November was 49.2, up from October’s 48.5 but below economists’ expectations. “The manufacturing sector failed to grow in November,” said Norbert Ore, chair of ISM’s Manufacturing Business Survey Committee and group director. “The sector continues to need drivers that will help end the stagnation.”
However, consumer confidence levels remain high, and new orders for manufactured goods in October increased 1.5%, according to the Commerce Department. Orders for durable goods increased by 2.4%, and primary and fabricated metals and overall non-defense capital goods all posted gains in October for the second time in three months. Jerry Jasinowski, president of the National Association of Manufacturers commented that the report was “evidence that the manufacturing recovery is getting back on track after stalling in previous months.”
Productivity levels are also on the rise, according to the Labor Department. Productivity rose to 5.4% in the third quarter for overall business and to 5.5% for manufacturing. In another positive sign, the New York Fed said its general business conditions index increased to 9.64 in November from -14.61 in October, with the new orders section rising to 10.74 from -1.12. The shipments section also increased significantly.
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