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. 06.10.2021
    06.10.2021
    by      In
    A new global-leading medicine manufacturing facility is soon to be designed that will produce vital nuclear medicines and support 1000 highly-skilled jobs across the country.
    Replacing an existing facility in the southern Sydney suburb of Lucas Heights the site is the base for the Australian... Read More
  2. 02.08.2021
    02.08.2021
    by      In
    Done well, hydraulic servicing can save money and enhance safety.  It is the key to maximising uptime and reliability as mobile hydraulic machinery gets more sophisticated, and depends even more on fully functional and safe hydraulic hoses and fittings. Without them, machinery just stops working –... Read More
  3. piggy bank
    05.07.2021
    05.07.2021
    by      In , In
    Employers should be aware of a number of important changes to payroll and other obligations with the start of the new financial year,” says Innes Willox, Chief Executive of the national employer association Ai Group.
    “The recent Fair Work Commission Annual Wage Review decision increased national... Read More
  4. Yawei laser cutter
    16.06.2021
    16.06.2021
    by      In , In , In
    A commitment to providing outstanding customer service, staying abreast of local trends, and ongoing diversification led to Jmar Engineering in Shepparton, Victoria, celebrating it 25th anniversary recently.
    Jmar, founded by Mark and Janice Hooper, specialises in component manufacturing, repairs... Read More
Products
Suppliers