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NAPM Points To Turnaround In Manufacturing.(A)
Byline: From IBD News Services
A key manufacturing index posted its strongest gain in five years in August as new orders and factory output both rose, suggesting the ailing industrial sector is finally recovering from a deep, yearlong slump.
The National Association of Purchasing Management said on Tuesday its monthly manufacturing index rose to 47.9 in August from 43.6 in July, well above economists' forecasts of a 43.9 reading.
A reading under 50 signals manufacturing activity -- more than one-sixth of the overall economy -- is contracting. The NAPM index has now held below that level for 13 straight months.
Factory Turnaround?
But August's reading was the best since November 2000 and put the index solidly above a decade low of 41.2 in January. And the NAPM prices paid component fell sharply to 33.9 from 38.7 in July as manufacturers paid lower prices for industrial inputs such as aluminum, copper, diesel and natural gas.
"This is a cause for optimism," said Norbert Ore, chair of the NAPM's manufacturing survey. "Everybody's been hoping to see some good economic news. This is the closest thing we've seen to something that says maybe we really have bottomed out and we're starting to see a foundation laid for future economic growth."
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