April was the ninth consecutive month of expanding economic activity in the manufacturing sector, and the overall economy grew for the 12th consecutive month according to the latest Manufacturing ISM Report On Business.
The rate of growth as indicated by the PMI is the fastest since June 2004 when the index hit 60.5%," said Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. "Manufacturers continue to see extraordinary strength in new orders, as the New Orders Index has averaged 61.6% for the past 10 months. The signs for employment in the sector continue to improve as the Employment Index registered its fifth consecutive month of growth. Overall, the recovery in manufacturing continues quite strong, and the signs are positive for continued growth."
ISM report's showed April growth for 17 of the 18 manufacturing industries it tracks (and no contraction in the 18th). The Electrical Equipment, Appliances & Components industry was seventh on the list of industry rated by April growth.
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