U.S. manufacturing showed signs of life in October, when thePMI, the index used to measure the strength of the industry, hit55.7 percent, marking the third straight month of growth, accordingto the latest report from Tempe, Ariz.-based Institute for SupplyManagement. The October PMI also posted the highest reading sinceApril 2006.
|A reading above 50 percent indicates the manufacturing economyis generally in a period of expansion while a reading below 50indicates a general contraction of the industry.
|Last month's jump was driven by gains in production andemployment, said Norbert Ore, chair of ISM's manufacturing businesssurvey committee.
|Its production index grew more than 7 points to 63.3 percent andthe employment index grew nearly 7 points to 53.1 percent.
|In total, 11 sectors reported production growth during Octoberwhile only two nonmetallic mineral production and primary metalsreported decreases.
|October marked the first month of growth in manufacturingemployment following 14 consecutive months of decline.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
