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Manufacturing Remains Strong In May; Jobs Gauge Best In More Than 31 Years; Broad Strength In ISM Survey; Prices keep racing ahead, but won't derail economy, experts confidently predict.(A)
Byline: JED GRAHAM
The manufacturing sector continued to surge in May as a key gauge of employment spiked to the highest level since 1973.
The Institute for Supply Management's index of factory activity unexpectedly rose to 62.8 from 62.4 in April, staying well above the remarkably high 60 level for a seventh straight month. Wall Street had expected the index to ease to 61.5. Readings above 50, as have been seen for 12 straight months, are consistent with an expanding factory sector.
The index's employment component jumped to a 31-year high of 61.9 in May from April's 57.8, which had been the best since December 1987.
Of more than 400 industrial firms surveyed, 36% said they added workers in May, up from 30% in April, while just 7% had fewer workers, down from 12%.
Not Just Temp Work
The ISM report noted that survey respondents "mention adding permanent jobs, as well as adding temporary and seasonal workers."
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