Economic activity in the manufacturing sector grew for a 17th straight month in December, according to report released on Monday by The Institute for Supply Management. The ISM said its index of national factory activity rose to 57.0 last month from 56.6 in November. The consensus was for an increase to 57.2%.
ISM prices paid came in at 72.5, versus the consensus of 71.8 and up from the 69.5 reported in November.
More from the December 2010 Manufacturing ISM Report On Business:
“Manufacturing continued to grow in December as the PMI registered 57 percent, an increase of 0.4 percentage point when compared to November’s reading of 56.6 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
ISM’s New Orders Index registered 60.9 percent in December, which is an increase of 4.3 percentage points when compared to the 56.6 percent reported in November. This is the 18th consecutive month of growth in the New Orders Index. A New Orders Index above 50.2 percent, over time, is generally consistent with an increase in the Census Bureau’s series on manufacturing orders.
ISM’s Employment Index registered 55.7 percent in December, which is 1.8 percentage points lower than the 57.5 percent reported in November. This is the 13th consecutive month of growth in manufacturing employment.”