ISM Reports no growth in manufacturing sector for February
Tuesday, March 03, 2009
Press release from the issuing company(Tempe, Arizona) - Economic activity in the manufacturing sector failed to grow in February for the 13th consecutive month, and the overall economy contracted for the fifth 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. "Manufacturing continues to decline at a rapid rate in February. While production has slowed its rate of decline, employment continues to fall precipitously. Prices continue to decline, but price advantages are not sufficient to overcome manufacturers' apparent loss of demand. Survey respondents appear generally pessimistic about recovery in 2009. Some express hope that the stimulus package will help their industry."
PERFORMANCE BY INDUSTRY
None of the 18 manufacturing industries reported growth. The industries reporting contraction in February - listed in order - are: Primary Metals; Wood Products; Electrical Equipment, Appliances & Components; Furniture & Related Products; Paper Products; Textile Mills; Fabricated Metal Products; Nonmetallic Mineral Products; Miscellaneous Manufacturing; Plastics & Rubber Products; Chemical Products; Machinery; Transportation Equipment; Computer & Electronic Products; Petroleum & Coal Products; Printing & Related Support Activities; Apparel, Leather & Allied Products; and Food, Beverage & Tobacco Products.
WHAT RESPONDENTS ARE SAYING ...
* "Customers across the board are being very cautious about ordering any stock." (Transportation Equipment)
* "Business is very slow, some of which is due to seasonality, and some is due to the state of the economy." (Chemical Products)
* "Asia previously was over 50 percent of our business and is now close to zero." (Machinery)
* "Still seeing frequent attempts at increases while everything is reacting to an economy that is retracting." (Food, Beverage & Tobacco Products)
* "Business slightly improved in February. May be the result of inventories finally coming into balance with lower demand." (Paper Products)
Full Report can be viewed here: http://www.ism.ws/ISMReport/MfgROB.cfm
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