US manufacturing is recovering, reaches a 2004 high

February 1, 2010
Jessica DuLong profile photo
Jessica DuLong


Looks like manufacturing is off to a good start in 2010, especially in apparel, textile machinery and transportation equipment industries.


A report based on a private survey indicates strong current and future performance in manufacturing.


“The US manufacturing sector kicked off the year with gusto in January, a private survey showed Monday, the sixth consecutive month of expansion in the sector leading the economic recovery.


The Institute for Supply Management said its manufacturing index, also known as the purchasing managers index, climbed to 58.4 percent in January from December from 54.9 percent in December.


It was the highest PMI reading since August 2004, when the index registered 58.5 percent, and much stronger than the 55.5 percent expected by most analysts. Any number above 50 percent indicates growth.


‘Manufacturing industries shot the lights out on the upside in January, with broad-based gains across all the components of the survey,’ said Brian Bethune, chief US financial economist at IHS Global Insight.” [READ MORE]