Factories in the U.S. are busier
Manufacturing at fastest pace since 2006
Tom Stundza -- Purchasing, 11/2/2009 12:02:57 PM
The Institute for Supply Management's Purchasing Managers
Index (PMI) increased to its highest level in 3-1/2 years in October. The
increase, the third consecutive monthly increase, brought the PMI to 55.7 in
October from 52.6 in September on an index where 50 is the dividing line
between expansion and contraction.
"Manufacturing is back in expansion territory on a sustained basis," says economist Adam York at Wells Fargo Securities. "This is another clear sign the recession is over and the recovery has begun."
The ISM-Chicago's business barometer also rose in October to the highest level in 13 months, the group reported last week. Then, regional Federal Reserve Bank reports showed manufacturing in the New York district expanded in October for a third month and grew in the Philadelphia region.
A Bloomberg report says manufacturing is becoming the driver of the expansion as factories worldwide are starting to raise output. Chinese manufacturing expanded at the fastest pace in 18 months in October, bolstered by exports, a purchasing managers' index showed today. Europe's manufacturing industry grew for the first time in 17 months, a separate report showed.
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