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Economic Data (USA)

Friday, November 01, 2013

ISM Manufacturing Index for October 2013

Earlier today, the Institute for Supply Management (ISM) released their Purchasing Manager's Index (PMI) for October 2013:

Predicted: 55.0%
Actual: 56.4%

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the factory sector contracted.

Last month, the PMI was 56.2%.

The following is a sampling of quotes from a diverse pool of U.S. manufacturers:

"...'New business is booming.' (Textile Mills)

    'The government shutting down and threatening to go into a default position is causing all kinds of concerns in our markets.' (Fabricated Metal Products)

    'The government shutdown has not had any impact on our business that I can determine, nor has it impacted any supplier shipments.' (Chemical Products)

    'Government spending continues to be slow in defense and military. The government shutdown and debt ceiling crisis did not affect business.' (Transportation Equipment)

    'Telecom market — wireless and VOIP — appear to be spiking. We are very busy; busier than we have ever been.' (Computer & Electronic Products)

    'Seasonal demand has not decreased at the typical pace. Market showing resiliency in the residential market.' (Primary Metals)

    'Business continues to improve every month for the past nine months.' (Furniture & Related Products)

    'Big Box Store discounting providing increased sales bump short term.' (Food, Beverage & Tobacco Products)

    'Our customers continue to be cautious and are closely managing their purchases. Business continues to be flat to slightly down.' (Machinery)

    'Outlook on general appliance market continues in a positive direction. Uncertainty, however, looms with unclear government direction pending.' (Electrical Equipment, Appliances & Components)..."

Click here to view the complete ISM report.

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