Manufacturing Gains Slowing
November 1, 2011 by UPI - United Press International, Inc.
TEMPE, Ariz., Nov. 1 (UPI) — U.S. manufacturing activity made gains in October, but at a slower pace than September, the Institute of Supply Management said Tuesday.
The headline index (the Purchasing Managers’ Index) dropped from 51.6 in September to 50.8, the institute said.
Numbers above 50 indicate growth. Below 50 indicates a contraction.
The institute said eight of 18 manufacturing groups showed growth in the month. The strongest growth in October was seen in computer and electronics production, petroleum and coal, and food, beverage and tobacco.
Six industries reported contraction, with the steepest declines coming from plastics and rubber producers, chemical products and apparel, leather and allied products.
October marked the 27th consecutive month of growth in manufacturing. New orders, after slumping in recent months, rose from 49.6 to 52.4. Employment, however, slowed slightly with that index dropping from 53.8 to 53.5.