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Factory Activity Jumps, Best Growth Since '83; Hiring Finally Resumes; Orders Index At 20-Yr High; Nov. ISM report signals strong economy in 2004, possible spring rate hikes.(A)
Byline: JED GRAHAM
The nation's factories ramped up in November at the fastest pace in nearly 20 years as more firms added workers than cut jobs for the first time since September 2000.
The Institute for Supply Management said Monday that its manufacturing index jumped to 62.8, the highest level since December 1983 and the fifth straight month above the no-growth 50 level. Wall Street had expected a small rise to 58.1 from October's 45-month high of 57. But production and new orders both surged last month at rates not seen since President Reagan's first term.
Major stock market indexes turned in solid gains, rising to their highest levels in at least 18 months. But Treasuries sold off on the surprisingly strong economic data, with the 10-year yield rising eight basis points to 4.41%.
Bodes Well For '04
Long the weakest link in the recovery, the resurgence in manufacturing sets the stage for solid economic and job growth in 2004, economists said. It'll also put pressure on the Federal Reserve to revise its latest policy statement that cited roughly equal chances of economic strength and weakness, they said.
"Every part of today's report suggests that the economy is on a sustained upward growth path," wrote Brian Wesbury, chief economist at Griffin, Kubik, Stephens & Thompson. "It should be nearly impossible for the Fed to continue arguing that any downside risks to the economy remain."
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