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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (502182)	12/2/2003 1:34:24 PM
From: JakeStraw	Read Replies (2) \| Respond to of 769670

Manufacturing at Highest Level in Two Decades Tue Dec 2, 8:35 AM ET By EDMUND L. ANDREWS and FLOYD NORRIS The New York Times WASHINGTON, Dec. 1 American manufacturing activity rose to its highest level in nearly 20 years last month as factories raced to keep up with demand and indicated a readiness to expand their work forces for the first time in three years, according to a survey published on Monday. In the latest good economic news, the Institute of Supply Management reported that its November survey of purchasing managers showed a surge in new orders and a big jump in production in almost every industry. The institute said its overall index of manufacturing activity climbed to the highest level since December 1983, an increase much greater than most economists expected. But the bigger surprise was that manufacturers showed a wider readiness to hire workers after three years of reducing factory payrolls. Major stock indexes rose yesterday to the highest levels in 18 months, with the Dow Jones industrial average rising 1.19 percent as investors became more convinced that the robust economic growth this summer was more than a one-time event. Speaking at a fund-raising event in Dearborn, Mich., President Bush said his strategy of lower taxes had helped revive the economy. "Our economy was strong and it is getting stronger," Mr. Bush said. "Productivity is high; business investment is strong; housing construction is strong. The tax relief we passed is working." Still, the new survey of manufacturing activity came on the heels of other reports indicating that the economy grew at an annual pace of 8.2 percent in the third quarter and the job market had begun to revive. Economists said the data provided evidence that growth would continue to be strong next year, long after the effects from this year's tax cuts and the Federal Reserve's recent most reduction in interest rates wear off. "I think this speaks to the strength of the economy right now, but it also speaks to the confidence of companies," said Norbert J. Ore, director of procurement at the Georgia-Pacific Corporation and chairman of the Institute for Supply Management's survey committee. The institute said its index of manufacturing activity, computed from answers that purchasing executives provide about the pace of business activity, jumped to 62.8 from 57 in October. A reading above 50 signals that factory production is expanding rather than contracting. If it were to continue at the November level, the institute said, the index would correlate to overall annual economic growth of 7.3 percent. Companies participating in the survey reported exceptionally big jumps in new orders as well as backlogs, both of which suggest that output will continue to rise robustly. The buoyant conditions came through in 18 of the 20 sectors of manufacturing surveyed by the institute. The optimism ranged from producers of computers and office equipment to manufacturers of building materials, chemicals and machine tools. Two other reports provided additional evidence of stronger growth. The Commerce Department reported on Monday that construction activity grew faster than many experts predicted. The value of building projects under way in October reached $922 billion, a monthly high. The increases were varied, in areas including residential construction, public works and commercial building. Economists at J. P. Morgan said data from Europe and Asia showed that the global pace of manufacturing was picking up, as well. It said its global index of manufacturing activity had signaled an expansion for the last five months, with the United States and Asia leading the way. And while the job market had begun to improve modestly in August and September, that had occurred in service industries. The new survey announced on Monday provided the first evidence that manufacturers were finally poised to start hiring as well. story.news.yahoo.com

To: American Spirit who wrote (502182)	12/2/2003 1:36:39 PM
From: Kenneth E. Phillipps	Read Replies (3) \| Respond to of 769670

The economic recovery contains the seeds of its own destruction - the falling dollar, rising gold, and increasing interest rates.

To: American Spirit who wrote (502182)	12/2/2003 1:57:41 PM
From: Dan B.	Read Replies (2) \| Respond to of 769670

First off, a devalued dollar may become the inevitable thing which will be right and proper(tends to correct trade deficits). Should Free Trade come to be, it may soon require many more dollars than now, to acquire the product of Chinese Labor. As for your perceived weakness in our economy(which has been part and parcel of the great crash of 2000(Clintons watch, if it matters to you)), I suggest you respond to the first reply here: JakeStraws posted article telling of how well the economy is now doing, in fact. Dan B.