Leathermakers share in US manufacturing recovery
In its report for the month, the Institute of Supply Management (ISM) noted that manufacturing grew for the fifth consecutive month as the wider economy expanded for 25th consecutive month. The continuing rise in both output and supplier confidence levels was reflected in the increase seen in the closely-watched ISM Purchasing Managers Confidence Index. This climbed 5.8 points to 62.8%, where an index of below 50% indicates contraction and above 50% growth.
"The manufacturing sector enjoyed its best month since December 1983, commented Norbert J. Ore, ISM chairman. The big improvement is in employment as the index rose above 50 percent, indicating growth, following 37 consecutive months of decline. The momentum is coming from continued strength in new orders and production as the indexes are presently at very lofty levels."
