none

US manufacturing on a high

31-08-2010
by 
in 
US economy, business, finance

US factory activity expanded last month at the fastest pace in 2½ years, according to latest industry data.

The Institute for Supply Management, a trade group of purchasing managers, says its manufacturing index rose in September to 56.2, the highest since April 2011, according to the Associated Press. That's up from 55.7 in August and fourth straight increase in the index. A reading above 50 indicates growth.

Manufacturers added jobs last month at the fastest pace in more than a year. A measure of output rose in September. And new orders grew at a healthy pace, though slower than in August.

US factories are showing signs of picking up after slumping earlier this year.

A modest recovery in housing and strong auto sales are pushing up demand for steel and other metals, auto parts, furniture and appliances.

Economists said the strong figures suggest that the annual growth rate in the July-September quarter could be healthier than current forecasts of about 2 percent. The index has averaged 55.8 in the past three months, up from 50.2 in the April-June quarter.

And the strength at factories has the potential to set the stage for even faster growth in the October-December quarter. Some analysts are forecasting growth at an annual rate of up to 3 percent.

Related news & editorials

  1. Robot
    24.03.2021
    24.03.2021
    by      In , In , In
    A startup company that aims to develop general-purpose robots for space stations, the surface of the Moon and Mars has attracted the attention of Epson and its subsidiary, Epson X Investment Corporation, who will provide funding.
    GITAI, based in Japan, aims to lessen the risk and burden on... Read More
  2. Photo of Oskar Lapp
    19.03.2021
    19.03.2021
    by      In , In
    The life of a technology pioneer whose cables, connectors and automation innovations are helping facilitate automation and Industry 4.0 transformations now sweeping the globe is being celebrated in Australia this month on the 100th anniversary of the birth of Oskar Lapp.
    LAPP Australia is one of... Read More
  3. AMGC webinar flyer
    16.03.2021
    16.03.2021
    by      In , In
    The Australian Government has announced a $30 million fund to help smaller local manufacturers turn their ideas into commercial outcomes and help create more jobs.
    Minister for Industry, Science and Technology Karen Andrews said the Commercialisation Fund would foster projects that bring industry... Read More
  4. JobMaker promotion graphic
    12.03.2021
    12.03.2021
    by      In , In
    The ATO’s Deputy Commissioner, James O’Halloran, is urging employers to contact their tax or BAS agents, or visit the ATO’s website, if they need advice on applying for the government’s JobMaker Hiring Credit, introduced at the end of last year.
    Under the initiative, which has a cut-off date of... Read More
Products
Suppliers