Manufacturing expanded in October for the third consecutive month, according to the latest Manufacturing ISM Report
The rate of growth is the highest since April 2006 when the PMI registered 56%.
The jump in the index was driven by production and employment, with both registering significant gains. Production appears
to be benefiting from the continuing strength in new orders, while the improvement in employment is due to some callbacks
and opportunities for temporary workers.
Overall, it appears that inventories are balanced
and that manufacturing is in a sustainable recovery mode, the Institute for Supply Management said.
In October, 13 of the 18 manufacturing industries reported growth. The industries - listed in order - are: Petroleum
& Coal Products; Apparel, Leather & Allied Products; Furniture & Related Products; Chemical Products; Computer
& Electronic Products; Transportation Equipment; Plastics & Rubber Products; Machinery; Food, Beverage & Tobacco
Products; Printing & Related Support Activities; Fabricated Metal Products; Electrical Equipment, Appliances & Components;
and Paper Products.
The three industries reporting contraction in October are: Nonmetallic
Mineral Products; Primary Metals; and Wood Products.