Manufacturing PMI expands for sixth month in a row: ISM

Feb 01, 2010 | 11:49 AM | Corinna Petry

Economic activity in the manufacturing sector expanded in January for the sixth consecutive month, and the overall economy grew for the ninth consecutive month, according to a survey of supply executives.

The Institute for Supply Management (ISM) Purchasing Managers Index (PMI) hit 58.4 in January, a 3.5-point increase from 54.9 the previous month and the highest level since 58.5 in August 2004.

"The report provides significant assurance that the manufacturing sector is in recovery. Both the 'new orders' and 'production' indexes are above 60 percent, indicating strong current and future performance for manufacturing," Norbert J. Ore, who chairs ISM's Manufacturing Business Survey Committee, said. "Thirteen of 18 industries reported growth, up from nine industries (a month ago), a good indication that the impact of the recovery is expanding."....

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