ISM PMI Increases in October, But Currency Dampening Outlook
11/01/2010
"The manufacturing sector grew during October, with both new orders and production making significant gains. 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," said Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management™ Manufacturing Business Survey Committee.
Of the 18 industries surveyed, 14 reported growth last month, including petroleum and coal products, electrical equipment, food and beverage, plastics and rubber, and fabricated metals. Nonmetallic mineral products and furniture and related goods reported business contractions.
Currency was a concern of several industry respondents. "The dollar is weakening again, which is resulting in higher costs for our materials we purchase overseas. It is hurting our profit margins," said a respondent from the transportation equipment industry. "Currency continues to wreak havoc with commodity pricing," noted a respondent from the food and beverage sector.
Project Announcements
AESC Expands Florence, South Carolina, Operations
03/28/2024
Alticor Expands Ada Township, Michigan, Operations
03/27/2024
Eastman Plans Longview, Texas, Production Operations
03/27/2024
DHL Supply Chain-Vantage Data Centers NV11 Plan Nevada Operations
03/26/2024
Big Jet Expands Pittsburgh, Pennsylvania, Operations
03/26/2024
Landmark Ceramics UST Expands Mt. Pleasant, Tennessee, Operations
03/25/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
The Logistics Analysis That Drives Industrial Site Selection
Q4 2023
-
Manufacturing Momentum Is Building
Q1 2024
-
Technology’s Influence on Workforce Development
Workforce Q4 2023
-
37th Annual Corporate Survey: Economic Pressures Exerting Greatest Effect on Decision-Makers
Q1 2023
-
Industry in the Era of the Electron
Q1 2024