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October 2006 Manufacturing ISM Report On Business: 41st Consecutive Growth Month

Monday, November 06, 2006

Press release from the issuing company

(Tempe, Arizona) -- Economic activity in the manufacturing sector grew in October for the 41st consecutive month, while the overall economy grew for the 60th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business. The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. "In October, the manufacturing sector fell to its lowest level of growth since June 2003. There was significant movement in most of the indexes as new orders and production continued to soften, while backlogs contracted for a second month. There was particularly good news on the pricing front as the Prices Index fell 14 points, signaling some relief for buyers for the first time in 15 months. A second positive signal is the improvement in new export orders as the weaker dollar continues to support a strong export market." TOP PERFORMING INDUSTRIES The eight industries reporting growth in October - listed in order - are: Apparel, Leather & Allied Products; Miscellaneous Manufacturing; Computer & Electronic Products; Food, Beverage & Tobacco Products; Nonmetallic Mineral Products; Furniture & Related Products; Chemical Products; and Paper Products. WHAT RESPONDENTS ARE SAYING ... "Still receiving price increases on petroleum-based products." (Chemical Products) "Business appears to be softening slightly - both volume and margin." (Fabricated Metal Products) "Raw material leadtimes shortening, especially in wood and steel." (Furniture & Related Products) "Raw material prices have not yet begun to decline in response to lower oil and natural gas prices." (Paper Products) "Business is softening, particularly in Europe." (Machinery)




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