Leather in top three US growth industries
According to the Institute for Supply Management (ISM), January marked the sixth consecutive month that economic activity expanded in the US manufacturing sector. The report also showed that the overall economy grew for the ninth consecutive month.
ISM's Purchasing Managers Index (PMI), was at 58.4 in January, three-and-a-half percentage points above the December number. According to ISM, it was the highest number since August 2004. Prior to its most recent growth trend, which started last August, the PMI had declined for 13 consecutive months.
The index for new orders was 65.9, more than a percentage point above December and another indicator of growth. The production index was up more than six percentage points, at 66.2.
In the new orders category, the top three industries were: textile mills; apparel, leather and allied products; and machinery. Textile mills and apparel, leather and allied products also topped the industries reporting increased production.
