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Manufacturing Sector Increase Production in may 2007
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The Institute for Supply Management said their manufacturing index rose in May to its highest level in a year. These new numbers along with May , 2007 employment numbers are good signs that the American economy is take a step back from the brink.
The index registered 55, above the April reading of 54.7 and higher than the market expectation of 54. It hit 54.7 in May 2006.
A reading above 50 indicates growth while a reading below 50 indicates contraction.
However, it wasn't all good news, the report showed manufacturers were in their tenth consecutive month of inventory reduction, reflecting ongoing caution. Rising prices across all commodities surveyed including aluminum, copper, gasoline, petroleum-based products and steel also increased worries about inflation.
The top performing industries, in order of growth, were nonmetallic mineral products; fabricated metal products; food, beverage and tobacco; chemical products; petroleum and coal; computer and electronic products; miscellaneous manufacturing; transportation equipment; machinery; wood products; textile mills; and electrical equipment, appliances and components.
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Jun 1, 2007, 8:15 PM
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