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Manufacturing expanded in October for the second consecutive month, following three months of slight contraction, according to supply executives in the latest Manufacturing ISM Report on Business from the Institute for Supply Management.
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The PMI was 51.7 percent, indicating growth in manufacturing at a slightly faster rate than in September.
The New Orders Index registered 54.2 percent, an increase of 1.9 percentage points from September, indicating growth in new orders for the second consecutive month. The Production Index registered 52.4 percent, an increase of 2.9 percentage points, indicating growth in production following two months of contraction.
The Employment Index registered 52.1 percent, a decrease of 2.6 percentage points, and the Prices Index registered 55 percent, reflecting a decrease of 3 percentage points.
Comments from the panel this month reflect continued concern over a fragile global economy and soft orders across several manufacturing sectors.
Of the 18 manufacturing industries, eight are reporting growth in October in the following order: Petroleum & Coal Products; Furniture & Related Products; Apparel, Leather & Allied Products; Paper Products; Miscellaneous Manufacturing; Food, Beverage & Tobacco Products; Plastics & Rubber Products; and Chemical Products.
The eight industries reporting contraction in October — listed in order — are: Primary Metals; Wood Products; Machinery; Fabricated Metal Products; Transportation Equipment; Electrical Equipment, Appliances & Components; Computer & Electronic Products; and Nonmetallic Mineral Products.
Get more details at www.ism.ws.