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July 2006 Manufacturing ISM Report On Business: PMI at 54.7%

Press release from the issuing company

(Tempe, Arizona) — Economic activity in the manufacturing sector grew in July for the 38th consecutive month, while the overall economy grew for the 57th 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 growth accelerated in July driven by an upswing in production following June's increase in new orders. Employment expanded after a one-month decline, while inventories grew after two months of contraction. The overall message is that manufacturing is proving to be quite resilient in the face of higher interest rates and weakening consumer spending. Strong demand continues to put upward price pressure on primary metals including copper and nickel." TOP PERFORMING INDUSTRIES The 12 industries reporting growth in July — listed in order — are: Primary Metals; Food, Beverage & Tobacco Products; Electrical Equipment, Appliances & Components; Chemical Products; Furniture & Related Products; Miscellaneous Manufacturing; Petroleum & Coal Products; Computer & Electronic Products; Paper Products; Plastics & Rubber Products; Nonmetallic Mineral Products; and Machinery. WHAT RESPONDENTS ARE SAYING ... "Having problems with supply on various raw materials ... into our busy season, but having to cut back product due to supply problems." (Chemical Products) "Nickel hit an all-time high ... on the LME. Copper, zinc and other non-precious metals are running at or near record highs." (Chemical Products) "Customers are delaying purchases previously planned for. Result is flat levels from prior months ... well below budgeted expectations." (Machinery) "Business remains strong, but higher raw material prices result in reduced margins." (Primary Metals) "Higher fuel charges on in-bound and out-bound freight." (Miscellaneous Manufacturing)

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