From The Financial Post (Canada), “U.S. factory floor shows signs of life“:
Drew Greenblatt has added a couple of engineers, a robot and a third production schedule to meet the jump in demand from automakers, pharmaceutical companies and other customers who use his assembly-line baskets.
“Our guys are running overtime to keep pace with the backlog,” says Mr. Greenblatt, owner of Marlin Steel Wire Products in Baltimore.
The U.S. economic recovery is showing up in the unlikeliest of places — the U.S. factory floor.
The news peg is yesterday’s ISM’s manufacturing index, which climbed 3.1 points to 55.7 (vs. 53.3 consensus), with growth responding to the decline in inventories. From the Institute for Supply Managment, “October 2009 Manufacturing ISM Report On Business®”:
The report was issued today by Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management™ Manufacturing Business Survey Committee. “The manufacturing sector grew for the third consecutive month in October, and the rate of growth is the highest since April 2006 when the PMI registered 56 percent. The jump in the index was driven by production and employment, with both registering significant gains. Production appears to be benefiting from the continuing strength in new orders, while the improvement in employment is due to some callbacks and opportunities for temporary workers. Overall, it appears that inventories are balanced and that manufacturing is in a sustainable recovery mode.”
See earlier post by NAM’s chief economist, Dave Huether.
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