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News : US Economy Last Updated: Feb 1, 2013 - 3:39 PM

US manufacturing sector expanded in January for the second straight month
By Finfacts Team
Feb 1, 2013 - 3:36 PM

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The US manufacturing sector expanded in January for the second straight month, and the overall economy grew for the 44th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.

Bradley J. Holcomb, chair of the Institute for Supply Management Manufacturing Business Survey Committee said: "The PMI (Purchasing Managers' Index) registered 53.1%, an increase of 2.9 percentage points from December's seasonally adjusted reading of 50.2%, indicating expansion in manufacturing for the second consecutive month.

The New Orders Index registered 53.3%, an increase of 3.6% over December's seasonally adjusted reading of 49.7%, indicating growth in new orders. Manufacturing is starting out the year on a positive note, with all five of the PMIs component indexes - - new orders, production, employment, supplier deliveries and inventories  - - registering above 50% in January."

Of the 18 manufacturing industries, 13 reported growth in January in the following order: Plastics & Rubber Products; Textile Mills; Furniture & Related Products; Printing & Related Support Activities; Apparel, Leather & Allied Products; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Fabricated Metal Products; Transportation Equipment; Petroleum & Coal Products; Machinery; Primary Metals; and Food, Beverage & Tobacco Products. The four industries reporting contraction in January are: Nonmetallic Mineral Products; Computer & Electronic Products; Wood Products; and Chemical Products.

Separately, the final Markit US Manufacturing Purchasing Managers’ Index (PMI) signalled a strong expansion of the US manufacturing sector at the start of 2013. Moreover, at 55.8, below the earlier flash estimate of 56.1 but higher than that recorded in December (54.0), the PMI signalled the fastest rate of growth in nine months.

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