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Factory Outlook Rises As Purchasers' Index Regains Some Ground Below 50, Above 9-11 Lows Personal spending soars as shoppers get bargains, but incomes decline a bit.(A)
Byline: DONALD H. GOLD
The National Association of Purchasing Management's closely watched index of manufacturing rose to 44.5 in November from October's 39.8, a sign that factories' long recession may be ending.
Meanwhile, personal spending surged a record 2.9% in October -- led by car sales -- even as income fell a hair, the Commerce Department said in a separate report.
The data give hope that the worst of the post-attack economic trauma is over. The factory report was especially heartening, as it shows the most besieged sector seeking a toehold.
The NAPM index's rise recoups most of the post-attack plunge. The reading stood at 47.9 in August, and had some upward momentum. Sept. 11 sent it 8.1 points lower in two months. November's 4.7-point rise wipes out 58% of that tailspin.
The National Bureau for Economic Research declared last week that the U.S. has been in recession since March. But many say factories have been in recession for more than a year.
While the NAPM index rose, it notched its 16th straight reading below 50, a sign the sector is still shrinking. That's 16 months of output cuts, job losses and poor profits.
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