PMI nears seven-year high on strong orders, production

Feb 01, 2011 | 11:44 AM | Corinna Petry

Manufacturing activity expanded in January for the 18th consecutive month, according to the Institute for Supply Management (ISM), with the purchasing managers index (PMI) climbing 2.3 points to 60.8 percent, its highest level since May 2004.

Of 18 manufacturing industries monitored, 14 saw growth last month. "New orders and production continue to be strong, and employment rose above 60 percent for the first time since May 2004," said Norbert J. Ore, chairman of ISM's Manufacturing Business Survey Committee. "Global demand is driving commodity prices higher, particularly for energy, metals and chemicals."....

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