U.S. Manufacturing Reports High Growth
December 4, 2003
Economic activity in the manufacturing sector grew in November for the fifth consecutive month, while the overall economy grew for the 25th consecutive month, according to the latest Manufacturing ISM Report On Business(r). According to Norbert J. Ore, C.P.M. from the Institute for Supply Management™, "The manufacturing sector enjoyed its best month since December 1983. The big improvement is in Employment as the index rose above 50 percent, indicating growth, following 37 consecutive months of decline. The momentum is coming from continued strength in New Orders and Production as the indexes are presently at very lofty levels." Backlog of Orders Index indicates that order backlogs increased in November, and the Employment Index reversed a long-term trend of contraction as it indicates growth during the month. ISM's Prices Index indicates that manufacturers experienced higher prices in their purchases. The New Export Orders and Import Indexes continue to grow.