The Electrical Equipment, Appliances & Components industry segment reported growth in October 2010, according to the latest Manufacturing ISM Report On Business, which also said that economic activity in the manufacturing sector overall expanded for the 15th consecutive month and the overall economy grew for the 18th consecutive month.
"The manufacturing sector grew during October, with both new orders and production making significant gains," said Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. "Since hitting a peak in April, the trend for manufacturing has been toward slower growth. However, this month's report signals a continuation of the recovery that began 15 months ago, and its strength raises expectations for growth in the balance of the quarter. Survey respondents note the recovery in autos, computers and exports as key drivers of this growth. Concerns about inventory growth are lessened by the improvement in new orders during October. With 14 of 18 industries reporting growth in October, manufacturing continues to outperform the other sectors of the economy."
Of the 18 manufacturing industries, 14 (including Electrical Equipment, Appliances & Components) reported growth in October.
ISM said the Electrical Equipment, Appliances & Components segment also reported on the following business indexes for the month of October 2010:
• New Orders: growth
• Production: growth
• Employment: lower
• Supplier Deliveries: slower
• Inventories: higher
• Customers' Inventories: too low
• Prices paid: higher
• Order Backlogs: decreased
• New Export Orders: growth
• Imports: growth
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