Very nice news on manufacturing jobs
Manufacturing has been widely cited in recent years as one of the worst aspects of the “jobless recovery.” Now look at this:
CBS.MarketWatch.com reports: “May factory data highest for 2004″ (by Greg Robb)
Manufacturers added to their payrolls in May, boosting the factory sector to its fastest pace of activity since January, the Institute for Supply Management reported Tuesday.
The ISM index rose to 62.8 percent in May from 62.4 percent in April. . . . “Manufacturing remains in a robust cyclical upswing,” the economic team at Bear Stearns said in a note to clients.
Readings over 50 indicate expansion. The ISM index has been above 60 for seven straight months for the first time since the second half of 1993 and early 1994. The May data correspond to a 7.2 percent increase in U.S. gross domestic product . . .
The employment index rose to 61.9 in May from 57.8. This is the highest . . . since April 1973.
“Manufacturing is in a hiring mode,” Read more
Here’s the Institute for Supply Management press release, with a full array of numbers. One additional tidbit on employment:
The 17 industries reporting growth in employment during May are: Textiles; Wood & Wood Products; Industrial & Commercial Equipment & Computers; Fabricated Metals; Furniture; Transportation & Equipment; Apparel; Electronic Components & Equipment; Instruments & Photographic Equipment; Primary Metals; Miscellaneous*; Food; Rubber & Plastic Products; Glass, Stone & Aggregate; Chemicals; Printing & Publishing; and Paper. Read more
