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US manufacturing grows more than expected in Oct

by ChemOrbis Editorial Team - content@chemorbis.com
  • 04/11/2014 (16:18)
US manufacturing grew at its fastest pace since May 2011 in October, according to data from the US Institute for Supply Management (ISM). The country’s PMI reached a reading of 59 in October after declining to 56.6 in September. Any reading above 50 indicates expansion. Initial forecasts called for a reading of 56.1 in a survey conducted by Bloomberg. The New Orders Index was up 5.8% at 65.8, showing growth in new orders for the 17th consecutive month. The Production Index grew 0.2% to 64.8 in October. The Employment Index also grew for the 16th consecutive month to 55.5% in October.

Analysts noted that the US is weathering the global slowdown as domestic demand is improving due to a stronger job market combined with lower gasoline prices, which allows consumers to spend more.

A bright spot in demand has been in the automotive industry. Sales of cars reached a 12-year high in August, though sales moderated in September. Motor vehicle production helped to boost the economy in the third quarter. GDP growth in the US was at 3.5% in Q3, following a growth rate of 4.6% in the previous quarter, making the strongest back-to-back readings since 2003.
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