7 May 2010 | Lindsay Clark
Economic activity in the US manufacturing sector expanded in April for the ninth consecutive month, according to the Institute for Supply Management’s (ISM) manufacturing Report on Business.
Last month, the manufacturing purchasing managers’ index (PMI) stood at 60.4 per cent, where 50 per cent represents no change.
Norbert Ore, chair of the ISM manufacturing business survey committee, said: "The rate of growth as indicated by the purchasing managers’ index is the fastest since June 2004 when the index hit 60.5 percent.
“Manufacturers continue to see extraordinary strength in new orders, as the new orders index has averaged 61.6 percent 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.”
Meanwhile, economic activity in the non-manufacturing sector grew in April for the fourth consecutive month. The business activity index stood at 60.3 per cent while the new orders index was 58.2 per cent.