Manufacturing index signals growth soon

Manufacturing activity rose significantly in July, suggesting that while the sector remains in contraction, there's a possibility of growth in the current quarter, a purchasing managers' group said Monday.

The Tempe, Ariz.-based Institute for Supply Management's (ISM) manufacturing index reading of 48.9 beat estimates from economists, who expected a jump to 46.5 from June's 44.8, according to a Briefing.com consensus survey.

July's report marks the 18th straight month of contraction in the sector. Still, ISM signaled cautious optimism.

"Overall, it would be difficult to convince many manufacturers that we are on the brink of recovery, but the data suggest we will see growth in the third quarter if the trends continue," the report said.

Read Full Article from CNNMoney.com

- Posted: 2009-08-03 10:41:26

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