none

US manufacturing expands at best pace in nearly 3 years

31-08-2010
by 
in 

US factory activity expanded in October at the fastest pace in nearly 3 years, driven by overseas demand and healthy US auto sales.

US housing recovery is also lifting the furniture and wood products industry.

The ISM's manufacturing index rose to 56.4 from 56.2 in September. (A reading above 50 indicates growth).

Factories also expanded in Europe during October, though at a slightly slower pace, according to surveys in that region. Manufacturing indexes have all picked up in China, Japan, and South Korea.

The overseas strength is boosting demand for US factories.

And export orders jumped to its highest level in nearly a year and a half in October, the ISM report said.

US factory activity has now risen at an increasingly fast pace for five straight months, according to the ISM's index.

In October, a measure of new orders rose slightly. And a gauge of production fell but remained at a high level. Factories added jobs, though more slowly than in September.

"The outlook for manufacturing looks far more constructive now than it did over the past several months, in light of the improving global backdrop," said Michael Dolega, an economist at TD Economics.

Related news & editorials

  1. 08.01.2019
    08.01.2019
    by      In
    Despite having finished 2018 with one of the most positive outlooks in the last 7 years, employers across the manufacturing sector are reporting a more cautious outlook for recruitment in Q1 2019, according to ManpowerGroup.
    The ManpowerGroup Employment Outlook Survey collects data from more than... Read More
  2. 08.01.2019
    08.01.2019
    by      In
    The two-year-plus “bull run” of the Ai Group’s Performance of Manufacturing Index came to an end in December, with the overall Australian PMI figure slipping below 50 for the first time since October 2016. The index fell 1.8 points to 49.5 in December, a result described by Ai Group Chief Executive... Read More
  3. 03.12.2018
    03.12.2018
    by      In
    Australian manufacturing continues to grow, according to the Ai Group’s latest Performance of Manufacturing Index, but the figures show some worrying signs. The Australian PMI for November 2018 remained in positive territory at 51.3, but at a full seven points below the previous month, this is the... Read More
  4. 20.11.2018
    20.11.2018
    by      In
    All Australian states and territories recorded an increase in gross state product in 2017-18, according to the latest figures from the Australian Bureau of Statistics. The ACT, Victoria, Queensland and Tasmania exceeded the national gross domestic product growth rate of 2.8%, while New South Wales... Read More