Forgive us if our schizophrenia is showing. Precision Machined Products shops serve Manufacturing and Construction markets.
According to the latest ISM Purchasing Managers Report, the US manufacturing sector grew at its fastest pace in almost seven years in January.
The ISM Manufacturing rose to 60.8, the highest reading we can recall since we started paying attentionto this index. It hasn’t been this high since May 2004. With success comes a new set of problems-according to the ISM report, “No commodities are reported down in price.”
Aluminum, Brass, Copper, Stainless Steel, Steel, and Steel Surcharges all reported “Up in Price.”
Now for the not so good news.
On Tuesday, the US Commerce Department posted its latest figures on construction spending.
According to the report, US construction spending dropped to an annual rate of approximately $787.9 Billion- the lowest since July 2000.
Another data point confirming the “lost decade.”