Posted on 07/01/2005 7:27:38 AM PDT by Toddsterpatriot
Manufacturing Activity Expands at a Faster-Than-Expected Rate in June; New Factory Orders Up
NEW YORK (AP) -- The U.S. manufacturing sector expanded at a faster-than-expected pace in June, as new orders to factories picked up, a private research group reported Friday. Activity at the nation's factories increased for a 25th consecutive month, according to figures from the Institute for Supply Management. The June upturn followed six consecutive months of slowing growth in the sector, the group said.
ISM's manufacturing index registered 53.8 percent in June, up from a reading of 51.4 in May. The new reading was notably higher than the 51.5 figure forecast by analysts.
A reading of 50 or above in the index means the manufacturing sector is expanding. A figure below 50 represents a contraction.
"These are the most positive signs that we have seen in several months, and they indicate that we may be through the 'soft patch' that many observers touted," said Norbert J. Ore, chair of ISM's manufacturing business survey committee.
The reading reflects an increased rate of growth in new orders, and a slowing rise in prices paid by manufacturers for raw materials. At the same time, high energy costs and a strong dollar continue to weigh on the sector, ISM said.
Of the 20 industry sector tracked by the group's survey, 13 reported growth in June, including petroleum, textiles, food, miscellaneous, wood and wood products, furniture, instruments and photographic equipment, industrial and commercial equipment and computers, rubber and plastic products, chemicals, electronic components and equipment, printing and publishing and primary metals.
Bush's fault again!
9:53am 07/01/05
U.S. consumer sentiment improves in late June By Rex Nutting
WASHINGTON (MarketWatch) -- U.S. consumer sentiment improved in late June, according to media reports of proprietary research at the University of Michigan. The UMich consumer sentiment index rose to 96.0 from 94.8 in early June and 86.9 in May. It's the highest since December. Economists were expecting the index to slip to 94.5. The current conditions index rose to 113.2 from 110.4 in early June and 104.9 in May. It's the highest since November 2000. The expectations index rose 85.0 from 84.8 in early June and 75.3 in May. It's the highest since January.
10:07am 07/01/05
U.S. ISM index rises to 53.8%, while prices moderate By Rex Nutting
WASHINGTON (MarketWatch) -- The U.S. manufacturing grew at a faster pace in June while price pressures eased, the Institute for Supply Management said Friday. The ISM index rose to 53.8% in June from 51.4% in May. Prices paid fell to 50.5% from 58.0% in May, the lowest since February 2002. The new orders, production and employment indexes all improved from May levels. Economists were expecting the main index to rise to 51.5%. Readings over 50% indicate expansion. The ISM has been above 50% for 25 straight months. "We may be through the 'soft patch' that many observers touted," said Norbert J. Ore of the ISM.
Notice the glaring lack of reference to job growth in those sectors?
It erroneously claims full credit for finished goods while ignoring the disproportionately large proportion of foreign content used to make those goods.
Notice the title of the thread says manufacturing activity not manufacturing employment? Do you need me to explain the difference?
You have a source for this assertion?
I'm shocked, I tell you, Shocked (/end Claude Rain's impersonation).
Then again, how many of these jobs are performed by illegals...?
Note: The index does not capture technological change and production efficiencies, which make it possible for production to expand, while employment contracts.
All of them...?
Yeah, we already know that manufacturing activity is not the same thing as manufacturing employment. I didn't see in your link anything that proves your previous assertion:
It erroneously claims full credit for finished goods while ignoring the disproportionately large proportion of foreign content used to make those goods.
You have another link? Or did you just make that up?
The economy continues to expand, employment is growing, real wages have risen for more than 10 years now and inflation is tame.
We'll just have to continue waiting for that pesky trade deficit to kill our economy. What I don't understand is how the dollar can be considered strong now when the gloomers tell us we're debauching our currency and it will lead to economic ruin. Who's right?
There is no good news now that Pat's star reached its zenith, started to fall, and now has eclipsed. We are all pawns of the evil Chinese and the globalists. Don't believe me? Go to Wal*Mart and note the empty store fronts you pass on the way. A union guy just doesn't have a chance anymore, what with all these illegals and cheap foreign goods. Alas, alas! Woe is me!
We make more widgets, but that requires less and less people. That means the widgets are cheaper, so more people can afford them and our standard of living goes up.
You don't hear anyone complaining about the fact that our incredibly productive agricultural industry only employs something like 3% of the population.
I KNOW!!! It's just AWFUL!!! We need to get this factoid to the MSM so's they can bray it to the warming globe!!! (ha ha ha!!!)
No, widgets are made in China or Mexico, where it often requires MORE, but cheaper people. But widgets are then bulk-shipped to the US, where it takes fewer Americans to simply repackage them for individual retail sale. The Institute for Supply Management calls this repackaging "manufacturing", even though it really isn't.
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