Manufacturing Expands for 18th Month
NewsMax Wires
Wednesday, Dec. 1, 2004
NEW YORK -- Manufacturing activity expanded in November for the 18th straight month, a research group reported Wednesday, and the rate of growth was faster than economists had been expecting.
The Institute for Supply Management said that its main index for measuring industrial activity rose to 57.8 in November, a full point above the level of 56.8 in October. Analysts had been expecting a reading of 57.
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A reading of 50 or above in the index means the manufacturing sector is expanding, while a figure below 50 represents a contraction. The index has been above 50 since June of last year.
The report from the Tempe, Ariz.-based group provided a glimpse at a healthy industrial sector as 2004 ends. New orders for manufactured goods and indicators of employment improved, but the research group also noted that ``significant upward pressure'' remained on prices to manufacturers.
The strong reading for the manufacturing index in November followed three months of slowing in the rate of manufacturing growth.
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