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. 11.07.2018
    11.07.2018
    by      In
    “The National Electricity Market is largely broken and needs to be reset,” said ACCC Chair Rod Sims in launching the final report of the Australian Competition & Consumer Commission’s Retail Electricity Pricing Inquiry.
    Sims went on to acknowledge that: “Previous approaches to policy,... Read More
  2. 05.07.2018
    05.07.2018
    by      In
    The Department of Industry, Innovation & Science has released the second in its series of three Industry Insights reports for 2018 - Globalising Australia. The report, which comes from the department’s Office of the Chief Economist, concludes that future growth opportunities will come from... Read More
  3. 02.07.2018
    02.07.2018
    by      In
    Australian manufacturing has continued its run of month on month growth, with the Ai Group’s Performance of Manufacturing Index sitting steady at 57.4 for June 2018. This marks the 21st consecutive month of growth, which is the longest such run since the 50 continuous months recorded from July 2001... Read More
  4. 27.06.2018
    27.06.2018
    by      In
    Small Business Minister Craig Laundy MP has named the recipients of the latest round of commercialisation grants under the Federal Government’s Entrepreneurs' Programme.
    Grants worth more than $3.2 million have been offered to help six Australian businesses with commercialisation activities to... Read More