By Alicia Gates, CPA, Manager
Despite continued concern about the economy, the Institute for Supply Management’s manufacturing report showed growth within the manufacturing sector and the overall economy in October – the second consecutive month of manufacturing growth and the 41st consecutive month of growth in the overall economy, according to the Manufacturing ISM Report on Business.
The Purchasing Managers’ Index rose for the second straight month, following three straight months of slight contraction – and it rose at a higher rate in October than in September. New orders, production, employment and prices also grew, although employment and prices increased at a slower rate in October than they had in September.
Of the 18 manufacturing industries represented in the survey, eight reported growth and eight reported contraction, which is further evidence that the various manufacturing industries are at different phases of the business cycle. According to the report, “Comments from the panel this month reflect continued concern over a fragile global economy and soft orders across several manufacturing sectors.”