US manufacturing grows for 10th month
AFP, April, 2004
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WASHINGTON (AFP) — American manufacturers boosted activity for the 10th straight month in March, cementing a key pillar in the recovery, and factory jobs growth accelerated, a survey showed.
The Institute for Supply Management (ISM) purchasing managers' index, based on a survey of supply executives, rose 1.1 point from February to 62.5 points in March.
It was the 10th month in a row above 50 points, indicating expansion in manufacturing activity.
"It looks like the factory sector is really ramping up and is now in the midst of a strong, broad-based recovery," Wachovia senior economist Mark Vitner said Thursday.
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The survey showed factory jobs growth picked up, with the employment index rising 0.7 point to 57.0. It was the fifth month of expanding manufacturing employment in the survey following a 37-month contraction.
Official figures show manufacturers have shed 2.8 million jobs since January 2001, contributing ...
