Manufacturing expanded in April, according to the latest Manufacturing Report on Business from the Institute for Supply Management.
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According to ISM: The rate of growth as indicated by the Purchasing Managers Index is the fastest since June 2004 when the index hit 60.5 percent. Manufacturers continue to see strength in new orders, as the New Orders Index has averaged 61.6 percent for the past 10 months. The signs for employment in the sector continue to improve as the Employment Index registered its fifth consecutive month of growth. Overall, the recovery in manufacturing continues quite strong, and the signs are positive for continued growth.
Seventeen of the 18 manufacturing industries are reporting growth in April, in the following order: Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Wood Products; Petroleum & Coal Products; Plastics & Rubber Products; Fabricated Metal Products; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Transportation Equipment; Machinery; Computer & Electronic Products; Primary Metals; Furniture & Related Products; Chemical Products; Printing & Related Support Activities; Paper Products; and Food, Beverage & Tobacco Products. No industries are reporting contraction in April.
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