Two manufacturing reports signal that manufacturing continues in expansion mode. January's Manufacturing Business Survey report from the Institute for Supply Management (released Feb. 1) reveals that the manufacturing sector expanded for the 18th consecutive month.
"The manufacturing sector grew at a faster rate in January as the Purchasing Management Index [PMI] registered 60.8%, which is its highest level since May 2004 when the index registered 61.4%," stated Norbert J. Ore, chair of the Institute for Supply Management's Manufacturing Business Survey Committee. "The continuing strong performance is highlighted as January is also the sixth consecutive month of month-over-month growth in the sector. New orders and production continue to be strong, and employment rose above 60% for the first time since May 2004. Global demand is driving commodity prices higher, particularly for energy, metals, and chemicals."...