Two U.S. Manufacturing Indexes Show Gains
December 2, 2013 by UPI - United Press International, Inc.
NEW YORK (UPI) — An index of U.S. manufacturing activity climbed to a 10-month high in November, Markit economics said Monday.
The economic research firm said the purchasing managers index for manufacturing reached 54.7, up from October’s 51.8, which was a one-year low.
The index indicates growth with numbers above 50.
In a separate report, the Institute of Supply Management said the PMI for November rose to 57.3 from their reading of 56.4 in October.
The headline ISM index has shown six months of gains with 15 of 18 manufacturing indexes showing growth in the month, the report said.
Markit said the new orders index climbed from 52.7 in October to 56.2. The index measuring new export orders rose from 51.3 to 51.4.
The employment index remained positive but with a slower pace of expansion. The component index slid to 52.3 from 52.7.
“The U.S. manufacturing sector has shown surprising resilience in the face of the [October] government shutdown. The average PMI reading so far in the fourth quarter is unchanged on the average seen in the third quarter and the survey is consistent with production growing at an annualized rate of approximately 2.5 percent,” Markit Chief Economist Chris Williamson said in a statement.