To: Return to Sender who wrote (15430 ) 5/27/2004 2:48:29 AM From: Donald Wennerstrom Read Replies (1) | Respond to Here are some "snips" from the ISMism.ws Economic activity in the manufacturing sector grew in April for the 11th consecutive month, while the overall economy grew for the 30th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business®. "The manufacturing sector continued to improve in April. While New Orders contracted slightly compared to last month, Production moved upward, and Employment grew at a faster rate. The PMI has now been above 60 percent for six consecutive months." The New Export Orders and Import Indexes continue to grow, with Imports accelerating at a faster rate in April. "The second quarter is off to a very strong start. Many respondents indicate that order backlogs are growing for the first time in several years. The list of metals up in price is quite extensive — almost every category of product has seen price movement," said Ore.The only commodity reported down in price is Caustic Soda," Ore stated.>>The April PMI indicates that both the overall economy and the manufacturing sector are growing. The past relationship between the PMI and the overall economy indicates that the average PMI for January through April (62.5 percent) corresponds to a 7.2 percent increase in real gross domestic product (GDP). Similarly, if the PMI for April (62.4 percent) is annualized, this corresponds to 7.1 percent increase in GDP. ISM's New Orders Index grew in April with a reading of 65 percent. The index is 0.7 percentage point lower than the 65.7 percent registered in March and is the 12th consecutive month the index has exceeded 50 percent. A New Orders Index above 51 percent, over time, is generally consistent with an increase in the Census Bureau's series on manufacturing orders (in constant 1987 dollars). Eighteen industries report increases for the month of April: Petroleum; Textiles; Furniture; Paper; Transportation & Equipment; Chemicals; Electronic Components & Equipment; Rubber & Plastic Products; Glass, Stone & Aggregate; Industrial & Commercial Equipment & Computers; Instruments & Photographic Equipment; Miscellaneous*; Wood & Wood Products; Primary Metals; Apparel; Fabricated Metals; Food; and Printing & Publishing.>>ISM's Production Index is 67 percent in April, 1.5 percentage points higher than the 65.5 percent reported in March, reflecting the 12th consecutive month of growth. An index above 49.9 percent, over time, is generally consistent with an increase in the Federal Reserve Board's Industrial Production figures. Of the industries reporting in April, 18 registered growth: Tobacco; Apparel; Paper; Instruments & Photographic Equipment; Primary Metals; Electronic Components & Equipment; Textiles; Furniture; Rubber & Plastic Products; Glass, Stone & Aggregate; Wood & Wood Products; Industrial & Commercial Equipment & Computers; Transportation & Equipment; Chemicals; Miscellaneous*; Fabricated Metals; Printing & Publishing; and Food.>>ISM's Employment Index grew for the sixth consecutive month, following a 37-month trend of contraction. The index registered 57.8 percent in April compared to 57 percent in March, an increase of 0.8 percentage point. The last time the Employment Index registered higher than April's index was in December 1987, registering 59.1 percent. An Employment Index above 48 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) data on manufacturing employment. The 17 industries reporting growth in employment during April are: Petroleum; Apparel; Miscellaneous*; Transportation & Equipment; Industrial & Commercial Equipment & Computers; Furniture; Instruments & Photographic Equipment; Glass, Stone & Aggregate; Wood & Wood Products; Textiles; Primary Metals; Paper; Food; Chemicals; Fabricated Metals; Electronic Components & Equipment; and Printing & Publishing. >>
