Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: zonder who wrote (10103)	8/2/2004 11:41:29 AM
From: mishedlo	Read Replies (1) of 116555

U.S. July ISM shows strong growth [everything is beautiful - mish] Monday, August 2, 2004 2:30:10 PM WASHINGTON (AFX) - The U.S. manufacturing sector expanded robustly in July, the Institute for Supply Management reported Monday. The ISM's manufacturing diffusion index rose to 62.0 percent in July from 61.1 percent in June. It was the 15th consecutive month of expansion in the factory sector. Economists were looking for the closely followed ISM index to rise slightly to 61.5 percent from 61.1 percent in June, according to a survey conducted by CBS MarketWatch. Readings over 50 percent indicate that most firms say business is getting better or at least no worse. Readings over 60 percent are rare historically, but have been recorded in each of the last nine months, the longest such stretch since 1973. The new orders index rose to 64.7 percent from 60 percent in June. The production index rose to 66.1 percent from 63.2 percent in June. The employment index fell to 57.3 percent from 59.7 percent in June. The price paid index fell to 77.0 percent from 81 percent in June "July represents a good start for the third quarter, and the outlook continues to be very encouraging as new orders and production accelerated during the month," said Norbert Ore, head of the ISM's research committee Many firms said their business was "strong" while others pointed to only moderate improvement. Energy prices were a major worry Eighteen of 20 industries were growing in July Customers' inventories were seen as too low and backlogs of orders increased, both bullish signs for production Suppliers' deliveries fell to 64.2 percent from 68.1 percent, a sign that fewer firms are feeling bottlenecks in the supply chain.

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