New report states US manufacturing growing

Irish Sun Tuesday 1st May, 2012

• PMI registered 54.8 per cent, an increase of 1.4 percentage points from March's reading of 53.4 per cent

• Sixteen of the 18 industries reflected overall growth in April

• Overall economy grew for the 35th consecutive month

WASHINGTON - US manufacturing sector expanded in April at the strongest rate in 10 months, adding jobs with new orders flowing in for the 33rd consecutive month, states the nation's supply executives in the latest Manufacturing ISM Report On Business.

The Institute for Supply Management report issued Tuesday by Bradley J. Holcomb, chair of the Manufacturing Business Survey Committee states, "The PMI (an index used to measure the strength of manufacturing) registered 54.8 per cent, an increase of 1.4 percentage points from March's reading of 53.4 per cent, indicating expansion in the manufacturing sector for the 33rd consecutive month."

In addition, the overall economy grew for the 35th consecutive month, states the Institute of Supply Manufacturing (ISM), one of the most well regarded economic indicator.

April also marked U.S. manufacturing's second strongest month in the last 12 months. A reading above 50 per cent indicates the manufacturing economy is generally in a period of expansion.

The ISM data is consistent with annualized growth of 3.5 per cent to 4 per cent in the second quarter, according to Bank of America Merrill Lynch.

Sixteen of the 18 industries reflected overall growth in April with only wood products reporting contraction.

Page 1 of 3 | Next