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Politics : I Will Continue to Continue, to Pretend....
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To: Sully- who wrote (11064)8/1/2005 10:20:47 PM
From: Sully-   of 35834
 
Hooverville

US factory activity accelerates

By Christopher Swann in Washington
Mon Aug 1,11:10 AM ET

Growth in the US manufacturing sector accelerated in July, according to the Institute for Supply Management. The ISM index of activity rose to 56.5 in July from 53.8 in June. Economists had been expecting a more modest rise.

A reading above 50 shows that the sector is growing, while a reading below implies contraction.

The ISM data has shown the manufacturing sector expanding for the past 26 months.

The new orders component of the index rose to 60.6 from 57.2. Economists have been expecting orders and production to pick up after a decline in inventories in the second quarter. The figures hinted that companies may have been surprised by the strength of demand in the quarter and had been forced to dig into their inventories. It seems that at the start of the third quarter they may have started to replenish their stock rooms.

This was also born out by the production component of the index which rose to 61.2 from 55.6. The employment component of the index also rose from 49.9 to 53.2.

Employment in the manufacturing sector has been on a downward trend for several years - reflecting the growth of production overseas as companies have shifted to lower cost locations. Most economists expect this weakness to continue but will welcome any interruptions in the trend.

There was also good news on inflation. The prices paid index slid back to 48.5 from 50.5.

news.yahoo.com
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