U.S. Manufacturing Expands for Fifth Month
Posted on: Monday, 2 July 2007, 12:17 CDT
U.S. manufacturing growth expanded for the fifth consecutive month and will likely continue this quarter, a research group said Monday.
The Institute for Supply Management said its manufacturing index rose to 56 in June, the highest reading since April 2006, when the index registered 56.9.
The index was above May's 55 reading and higher than the 55.4 figure many Wall Street economists expected.
A reading above 50 indicates growth while a reading below 50 indicates contraction.
Following a weak first quarter, the manufacturing sector rebounded in a strong fashion during the second quarter, Manufacturing Business Survey Committee Chairman Norbert J. Ore said.
This performance appears sustainable in the third quarter due to the current strength in new orders and production, he said.
The 12 industries reporting growth in June -- listed in order -- are petroleum and coal; chemicals; plastics and rubber; food, beverage and tobacco; non-metallic minerals; computers and electronics; paper; fabricated metals; primary metals; miscellaneous manufacturing; textiles; and machinery.
Source: United Press International
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