US manufacturers hit 20-year record pace

Business AFP via Drudge ^ | 12 1 03

[new cruelty]

WASHINGTON (AFP) - US manufacturing activity unexpectedly shot to a 20-year record in November as factories hired workers to belt out goods for the runaway economy, a survey showed.

The Institute for Supply Management (ISM) purchasing managers' index, based on a survey of supply executives, leapt to 62.8 points in November -- far above expectations -- from 57.0 in October.

It was the fifth consecutive month of growth.

Any figure above 50 points indicates expanding activity.

"The manufacturing sector enjoyed its best month since December 1983," said survey chief Norbert Ore.

Factories finally took on workers after more than three years of job cuts, bucking up the overall industry barometer.

Manufacturers -- the hardest hit sector of the US economy, shedding nearly 2.8 million workers since July 2000 -- appeared finally to be catching the tailwind of the breakneck recovery.

Only last week, revised government figures showed US economic growth exploded in the third quarter to hit a 19-year record annual pace of 8.2 percent, ignited by business and consumer spending,

Factories were racing to supply the economy's needs, the latest industry survey showed.

Among key findings:

-- Output accelerated, with the production index soaring 5.7 points from October to 68.3 in November, the seventh month of growth.

-- New orders soared, with the index leaping 9.4 points to 73.7 in November, the highest since December 1983. The backlog of orders index jumped 5.5 points to 59.0.

-- Jobs grew, reversing 37 consecutive months of decline, with the employment index up 3.3 points to 51.0.

"Based on this data, it appears that the recovery is gaining momentum," Ore said.

"Indications are that the manufacturing sector is ending 2003 on a very positive note, and all of the indexes support continued strength into 2004," he said.

"While there are still companies lagging the recovery, they should be encouraged by the current indicators in the sector."

[Phantom Lord]

It's all lies, right?

[new cruelty]

Doom ping

[new cruelty]

more via drudge:

Factory Growth Fastest in 20 Years

Stocks Soar, Dow Up More Than 1 Percent

[The South Texan]

TDIDS!!!

[reformedliberal]

Note: *runaway economy*. However, that is the only qualifier I saw.

I expect more spin on Iraq as the Dems have definitely lost their economy issue.

[new cruelty]

??

You will have to explain TDIDS to me, please. Thank you. : )

[Bob]

Little Tommy Daschle is deeply saddened.

[RWR8189]

Daschle is on suicide watch

[DarthVader]

Tom Daschle is deeply saddened!!

[new cruelty]

Ah... TDIDS... thanks for the explanation.

[Bob]

My last post wasn't in reply to your question. It's just the forst thing that comes to mind when good news is announced.

I do think TDIDS does mean "Tom Daschle Is Deeply Saddened" though. :=)

[Willie Green]

It's all lies, right?

Considering that you're apparently unable to explain the discrepancy of reported "growth" in the Textile and Apparel industries when the obvious truth is that they're being decimated by imports, Yes, we can deduce that this article is similarly flawed.

[MeneMeneTekelUpharsin]

Bump to see what folks have to say. Electricity demand is also going to pick up. If this continues, the bears are going to take some hits...because they just can't believe the economy will pick up. And, maybe it won't. Something to watch...

[1Old Pro]

This is all fine and dandy but it doesn't address a more seies question. Will Dean win 2 or 3 states?

[Hillary's Folly]

Yes, but how many jobs were lost as a result of the increase in manufacturing?

[Polybius]

We need to stress the fact that the economic troubles began in March 2000 with the bursting of the Clinton Economic Bubble.

That should be the Republican talking point going into the election.....The Clinton Economic Bubble.

[Consort]

The Clinton Economic Bubble.

Maybe a Clinton Economic Time Bomb planted by Reich and Rubin.

[cookcounty]

Yes. When Bush was sworn in, the market was into its 11th month of the Decline. You'd never know that from watching TV news ( lesson: if you want to be informed, don't watch TV news).

[ItsForTheChildren]

Has anyone got that picture of Tommy sitting on a bench looking dejected after the dems lost the Senate in the last election? I'd sure love to see it again!