Purchasing Managers Signal Expansion In Manufacturing Is Gaining Steam
Wednesday, February 02, 2011 07:46
A highly respected index measuring strength in the U.S. manufacturing industry came in stronger than expected in January, raising investors’ hopes that the economic recovery is real and will continue.
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The Institute for Supply Management’s manufacturing index surged to 60.8 in January, significantly higher than the consensus estimate of 58.2. The last time the index surged this high was in January 2004.
The index is signaling a continuing, strong expansion in manufacturing, news that helped send the Dow Jones average above 12,000 Tuesday and indicates the nation’s economy recovery may be based on a solid foundation.
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