US industrial sector rebounds: ISM survey

0 Comments | AFP, March, 2007

WASHINGTON (AFP) — The struggling US manufacturing sector rebounded in February as factories trimmed inventories and boosted output for a broad range of goods, the Institute of Supply Management (ISM) reported Thursday.

The ISM index of national industrial activity rose to 52.3 percent from 49.3 percent in January.

Any reading over 50 indicates expansion, so the report suggests the industrial economy is picking up steam after shrinking in two of the past three months.

The figure was better than the average Wall Street estimate of 50 percent.

"February proved to be a good month in the manufacturing sector as new orders, production and employment contributed to a solid growth scenario," said Norbert Ore, chair of the survey committee.

"The...