Manufacturing up after three down months
December 16, 2004,
TEMPE, Ariz. — Manufacturing activity grew modestly during November, bouncing back from three straight months of slowing growth, according to a report prepared by the nation's purchasing managers — the people who hold the purse strings of corporate America .
"November reverses three consecutive months in which the rate of growth had slowed," noted Norbert Ore, chairman of the ISM's Manufacturing Business Survey Committee. "The manufacturing sector appears poised to end the year on a strong note as the New Orders Index made its way back above the 60 percent mark, and the Employment Index picked up significant momentum."
The New Orders component of the index jumped 3.2 percentage points to a reading of 61.5, its highest point in recent months. And the Employment Index grew for a 37th straight month, climbing 2.8 percentage points, to a reading of 57.6.
The prices manufacturers pay for raw materials and supplies keeps rising, climbing for a 33rd straight month, but moved up at a somewhat slower pace in November. The Prices Index came in a reading of 74, easing off from a level of 78.5 in October.
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