Tuesday, 2 November 2010

Manufacturing accelerates

The US manufacturing sector is looking resilient. From Bloomberg:

Manufacturing in the U.S. expanded at the fastest pace in five months in October, pointing to renewed strength in the industry that led the nation out of recession.

The Institute for Supply Management’s factory index increased to 56.9 from 54.4, the Tempe, Arizona-based group said today. Readings greater than 50 signal growth...

The ISM’s U.S. new orders climbed to 58.9 from 51.1, while the production index jumped to 62.7 from 56.5. Both were the highest in five months. Measures of employment and export orders also increased.

Manufacturing also accelerated in China and the UK.

China purchasing managers’ index released by the country’s logistics federation rose to 54.7 last month from 53.8. A second China PMI, from HSBC Holdings Plc and Markit Economics, jumped to 54.8 from 52.9.

A U.K. manufacturing gauge based on a survey of companies by Markit Economics and the Chartered Institute of Purchasing and Supply rose to 54.9 last month from 53.5, according to an e- mailed statement in London. Measures above 50 indicate expansion.

Other US data released on Monday were mixed.

Commerce Department figures released today showed consumer purchases increased 0.2 percent, the smallest gain in the third quarter. Incomes fell 0.1 percent, the first drop since July 2009...

A separate report from the Commerce Department showed construction spending in September unexpectedly rose, led by gains in homebuilding and public works projects. The 0.5 percent gain brought spending to $801.7 billion, according to the report.

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