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An Index Of Industry ExpandsWASHINGTON, Jan. 3 (AP) — Manufacturing expanded in December after contracting the previous month, a trade group said Wednesday, leaving economists cautiously hopeful about the sectors prospects for next year. The New York Times
The Institute for Supply Management said on Wednesday that its manufacturing index registered 51.4 in December, compared with 49.5 in November, which was the first time the sectors activity shrank since April 2003. A reading below 50 indicates contraction, while above 50 signals expansion. Decembers manufacturing index came in above the average analyst expectation for a reading of 50, or no change in the sectors output. Michael Gregory, senior economist at BMO Capital Markets, said the report and other economic indicators released on Wednesday supported the notion that the economy was experiencing a soft landing after rapid expansion early in 2006. Wall Street at first seemed enthused by the manufacturing data, but stocks ended mixed after minutes from the Federal Reserves last meeting showed gathering concern at the central bank about the severity of the pullback in housing. In a separate report on Wednesday, the Commerce Department said construction activity showed further weakness in November as spending on homes dropped for a record eighth consecutive month. Building activity declined 0.2 percent, to a seasonally adjusted annual rate of $1.18 trillion, the agency said, though that was less than the 0.6 percent drop the markets expected. The weakness was led by a 1.6 percent drop in home construction. Norbert J. Ore, the chairman of the Institute for Supply Management, said the manufacturing sector was resilient in December in part because of reduced material prices that might signal easing inflationary pressures. But David Resler, a chief economist at Nomura Securities, said that even with the improvement over Novembers data, growth in the sector was not robust. The trend is still worrisome, Mr. Resler said, adding that manufacturing output was still well below the norms of the recent past. Over the last 12 months, the I.S.M.s manufacturing index has averaged 53.9. A senior economist at Wachovia Securities, Mark Vitner, was less worried, noting that the weakness in manufacturing appears limited to motor-vehicle production and building materials industries, and that this has contributed to falling prices for some raw materials. Other segments, like those that make power-generation equipment, trucking engines and airliners, appear quite healthy by comparison, Mr. Vitner said. The institutes new-orders index rose substantially in December to 52.1, compared with 48.7 in November. And the cost of manufacturers raw materials decreased sharply, with the prices index falling to 47.5 from 53.5 a month earlier. Tag CloudExternal InformationAdditional InformationState transport deal ’deceptive’...Consumer Prices Rose 0.4% in February... Bush to Nominate an I.R.S. Chief... When will we ever learn? It’s education that counts... Where Am I?News Main Page - Business - An Index Of Industry Expands |
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