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.
That's just great Willie, turn our economy into a bunch of freakin' low wage widget makers. I remember going to college to become a widget maker. The professors thought I had a future. Unfortunately, I got stuck being a high paid professional. Now that my kids are going to college, I'll be damned if I'm gonna spend $100,000 for higher education and have them fail to become widget makers.
I told my son, if you don't start making widgets by your junior year, during the summer, I'm pulling the plug on tuition.
That's good, Gordo.
With all the high-tech and professional occupations that are being outsourced to China and India, it a smart move to have your kids learn a skilled trade. Perhaps they can then eke out a living being widget repairmen. Ought pay more than the drive-thru window at Mickey-D's, anyway.
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Come on Ap., sooner or later you're going to have to start pulling hard on your oars and doing some of this research yourself.
You might want to browse through the BLS glossary so we can all be talking the same language-- Labor Productivity is "the ratio of output per hour".
US real wages now are triple that of our parents. That's because we're seven times more productive. We are not (pay attention now please) working seven times as many hours as our parents worked.
then tell me how my father, with just a high school education, was able to get a job, have a wife who did not have to work, and had most of the trappings of a middle class lifestyle. know anyone doing that today, since they are making "triple their parent's real wage" that you claim?
today, we have 30 years old college grads living in their parent's basements.
actually, some of the best private sector jobs these days are service jobs where you stand in between wealthy people - and the things they want. be their Mercedes dealer, their real estate agents, the chefs at their restaurants, the conceirge at their resort hotels, the sales staff at high end retailers - clothes, cars, boats.
those are all very good private sectors jobs to hold in the service industry. beats the hell out of engineering, I can tell you that.
This is why I always prefer hard numbers from gov't sources. It always ends up that when people start ranting about their own personal lives we start getting a really goofy take on the American economy.
yes I know, the BLS is all knowing, and everything I say is simply "anecdotal":
http://www.sbsun.com/Stories/0,1413,208~12588~2943080,00.html
My, what a delightfully mature fellow you are!
Willie will be right again some day. Hopefully not soon.
Hey, if you're living in your parents basement I offer my sympathy but I really can't help you-- but this being Independence Day weekend you might want to change things without my help.
Have a good weekend everyone!
I'm only mature to people who don't make stuff up.
Sorry. I never engaged ANYONE in the "hamburger debate."
That's YOUR "erroneous factoid" of the day.
A great deal of the "cost squeeze" is attributable to two factors:
1) Tax and regulation costs, which have decreased 'disposable income' and/or increased 'cost of living';
2) Materialism. Your parents did all that with a three-bedroom, 1-bath house, likely with 1 car, 1TV, and 1 telephone. (mine did, too...)
I dunno about that.
One of the "maxims" in the auto biz is "If you want to live with the masses, sell to the classes. If you want to live with the classes, sell to the masses."
While 'the classes' buy a lot of stuff, there simply aren't a lot of THEM around...
Well, forgetting YOU would be a blessed relief.
Haven't achieved that yet. Working on it.
The decline was only 6 months, there was an increase in November 2004.
Neutrino had the "factoid" about burgers and manufacturing.
Don't tell Willie, but with another half-inch or so advance in artificial intelligence/robotics -- make that a scootch-and-a-half if you're metric -- most of the remaining wrench-turning/machine-tender jobs will be gone for good, Chinese or no Chinese. And the Chinese are going to find out that coolie labor can't outcompete the machines.
It's going to be interesting. Sure, we need to fix the schools and teach everyone to read. But we also need to be moving toward much more flexible work arrangements. Given the chance, more and more people will opt for shorter hours, earlier retirement, etc., but we need to fix Social Security and health care first. Our basic social insurance structure is still rooted in the labor market conceptions of the 1930's.
The U.S. manufacturing sector expanded at a faster-than-expected pace in June, as new orders of cheeseburgers almost doubled.
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