Local

Survey: US Manufacturing Grew In November

U.S. manufacturers expanded at a faster pace in November as new orders surged, a positive sign for domestic economic growth heading into 2019.

The Institute for Supply Management, an association of purchasing managers, said Monday its manufacturing index rose to 59.3 last month from 57.7 in October. Readings above 50 point to growth and manufacturers have expanded for the past 27 months.

New orders jumped in November, while production and employment also saw gains.

Out of 18 industries, 13 reported growth last month, including computer and electronic products, textiles, food and beverages and transportation equipment.

The gains suggest solid growth for factories during the first quarter of 2019.

“It says Q1 should be pretty good, especially January and February,” said Timothy Fiore, chair of the ISM manufacturing business survey committee.

Michael Pearce, a senior economist at Capital Economics, said that the gains largely reflect the U.S. economic demand and that the strength could fade due, in part, to a slowing global economy.

“We still think that growth in the sector will weaken over the coming months as the stronger dollar, weaker global growth and fading tailwind from fiscal stimulus weigh on demand,” Pearce said.

Manufacturers may be helped by Sunday’s agreement between the United States and China to prevent tariffs from escalating next year. The countries are locked in a bitter trade dispute as President Donald Trump has sought to reduce the trade imbalance with China and stop the theft of intellectual property.

U.S. officials agreed not to increase taxes on $200 billion of Chinese imports at the start of 2019, while China agreed to purchase an unspecified amount of American goods. The Trump administration also decided to keep talks ongoing for the next 90 days.

Several companies surveyed for the ISM index said that the tariffs had been increasing prices, including a furniture maker and petroleum and coal products company.

(AP)

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local

More in Local

82af83951308074655262134f9886a35.jpg

Judge Sets Court Date For Ex-Trump Campaign Chair Manafort

adminDecember 10, 2018
b1dac0618a824e64601ac72456d1788c.jpg

Reports: UK Prime Minister To Delay Brexit Vote; Pound Sinks

adminDecember 10, 2018
12890d70c328a478fa21326716ba042f.jpg

Will Israel Be Able To Shoot Down Rockets With Lasers?

adminDecember 10, 2018
57653297c311cab6994baa9ab16e1671.jpg

HOW NYS BLATANTLY LIED: New York State Promised Yeshivas STEM Funding, Instead They Gave Them Regulations

adminDecember 10, 2018
495d49d909ba551514e597d73483204d.jpg

France Fears More Riots; Museums, Eiffel Tower To Close

adminDecember 7, 2018
7fa6a9915d51f24975afb650e50eef95.jpg

NYPD Officer Faces May Trial In Eric Garner Chokehold Death

adminDecember 7, 2018
1546af75bdcb6ecc364d411ac5f0c86d.jpg

Palestinian Court Extends Detention Of Palestinian-American

adminDecember 6, 2018
9ce004b2b7ccd2590f79219aa8714147.jpg

Israel Calls For International Response To Hezbollah Tunnels

adminDecember 6, 2018
a1e80b9f33f995d3440a57aa54d756b3.jpg

THROWBACK: When The ‘Fake News’ Reported Bush Was ‘Amazed’ By Supermarket Barcode Scanner Technology

adminDecember 6, 2018