In December, the Institute for Supply Management's Manufacturing Index rose 3.1 points to 59.6. The increase put the index at a new cyclical high and was at a level not seen since 2003. This was the eighth consecutive month where the index was above 50, indicating manufacturing activity expansion. The recovery of manufacturing is continuing to accelerate. The production component jumped 2.7 points to 61.1. New orders also came in strong at 61.5 indicating likely future expansions in output. Though the employment component fell back slightly by 1.0 point to 55.1, this is still significantly in expansionary territory, indicating that manufacturers are modestly adding to payrolls. Also of note is that the inventory component jumped into expansionary territory for the first time this cycle, jumping 8.0 points to 55.3.

10.04.01 (Source:
Institute for Supply Management)
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