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News > Jobs & Economy
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Manufacturing stays hot
ISM index rises to 62; survey of manufacturing posts best string of growth in more than 30 years.
August 2, 2004: 10:37 AM EDT

NEW YORK (CNN/Money) - The growth rate for U.S. manufacturers improved from an already hot pace in July, according to a survey of executives in the sector, with the latest reading by the Institute of Supply Management in line with Wall Street expectations Monday.

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The ISM index of goods producing companies came in with a reading of 62.0, up from the 61.1 reading in June. Economists surveyed by Briefing.com forecast a reading of 62.0.

Any reading over 50 indicates growth in the sector.

Although the 62.0 reading is a bit below levels reached from March through May, this marked the ninth straight month the index has remained above 60.0, the longest period of growth at that pace since a 12-month stretch from July 1972 to June 1973.

The survey's reading for new orders shot up to 64.7 percent from 60.0 in June, and the current production reading also improved to 66.1 from 63.2. Perhaps the best news on the survey came from a decrease in the prices paid reading to 77.0 from an 81.0 reading in June.

It marked the fourth straight month of decline in the prices paid index, suggesting that inflationary pressures are lessening. Less inflationary pressure could allow the Federal Reserve to go slowly raising interest rates as it seeks price stability.

The employment reading for the sector slowed a bit in the month to 57.3 from 59.7 in June. Those surveyed who had a greater number of employees fell to 25 percent from 35 percent in the June survey, but most of the shift affected those who had the same number of employees. Those who had fewer employees edged up to 10 percent in July from 9 percent in June.

It marked the ninth straight month that the employment reading has been above 50.0, following more than three straight years when the employment index in the survey showed a decline.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.