And Precision Machining is likely to show a similar pickup when we compile our numbers later this month.
Precision machined components are critical to many manufactured goods in many markets including automotive, off road, aerospace, medical, appliance and many, many, more.
The Institute of Supply Management (ISM) said its survey of purchasing managers nationwide revealed strong gains in new orders and production; its index rose to to 56.9%, from 54.5% in September. you can read their survey here.
Of the 18 manufacturing industries, 14 are reporting growth in October, in the following order: Apparel, Leather & Allied Products; Primary Metals; Petroleum & Coal Products; Machinery; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Fabricated Metal Products; Paper Products; Printing & Related Support Activities; Transportation Equipment; Computer & Electronic Products; Food, Beverage & Tobacco Products; Plastics & Rubber Products; and Chemical Products.
The two industries reporting contraction in October are: Nonmetallic Mineral Products; and Furniture & Related Products.
Manufacturing activity has expanded for 15 consecutive months but the rate of growth has been slowing since April. This latest strong showing provides hope for continued growth for the balance through the end of the year.
“This month’s report signals a continuation of the recovery that began 15 months ago, and its strength raises expectations for growth in the balance of the quarter,” said Norbert Ore, head of the ISM’s manufacturing business survey committee.