none

Slower growth in US manufacturing

31-08-2010
by 
in 

 

US manufacturing grew in May – but more slowly than the previous month due to declining production and weaker hiring rates.
 
The good news is that new orders rose to a 13-month high, suggesting factory activity will pick up this month.
 
The Institute for Supply Management, a trade group of purchasing managers, reported its index of manufacturing activity fell to 53.5 in May, down from a reading of 54.8 in April. A reading above 50 indicates expansion.
 
Slower manufacturing growth followed a disappointing report on May employment that suggests the economy has weakened.
 
The Labor Department said employers created 69,000 jobs in May, the fewest in a year. The unemployment rate ticked up to 8.2 per cent from 8.1 per cent in April.
 
An employment gauge in the ISM's survey slipped from April's level, but showed factories were hiring at a solid pace. Industries reporting growth in May employment included clothing and leather, metals and mineral products.
 
The Labor Department's employment report showed factories added 12,000 jobs in May.
 
An ISM gauge of new orders rose to 60.1, the highest since April 2011. That could signal faster production ahead.

Related news & editorials

  1. 18.10.2018
    18.10.2018
    by      In
    Amidst global concern about plastic waste in the world’s oceans, it is rather ironic that it is a soft drinks company that is actually doing something about the problem. SodaStream International, which has always taken a different approach to the soft drinks market, is now taking a different... Read More
  2. 16.10.2018
    16.10.2018
    by      In
    The Government has unveiled a $5 million scheme to encourage high-quality graduate engineers to work in Australia’s automotive sector. The Automotive Engineering Graduate Programme aims to increase the level of advanced engineering skills in the sector and is part of the $100 million Advanced... Read More
  3. 15.10.2018
    15.10.2018
    by      In
    Industry Update is delighted to announce that we are expanding our video offerings with a new series of tutorial style videos that perfectly complement our existing library of news style videos.
    In the first series, we are partnering with sensor specialist VEGA to publish eight playlists of videos... Read More
  4. 15.10.2018
    15.10.2018
    by      In
    Kennards Hire is certainly “doing its bit” to help Australia’s drought stricken farmers and their families. The work began with the Kennards branch network throwing itself behind the Buy a Bale initiative, and is now continuing with a key role in the Mega Farm Rescue.
    Kennards Hire team members... Read More