Tempe, AZ, May 3--Economic activity in the manufacturing sector grew in April for the 23rd consecutive month, while the overall economy grew for the 42nd consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
Norbert J. Ore, Chairman of the Institute for Supply Management Manufacturing Business Survey Committee said, "In April, the manufacturing sector grew for the 23rd consecutive month based on the ISM data. This represents the longest period of growth in the last 16 years. However, the rate of growth slowed to its lowest level since July 2003. The trend is definitely toward a slower pace of growth, and that should relieve some of the pricing pressure that the sector has experienced during 2004 and year to date in 2005. Declines in inventories indicate that manufacturers are adjusting to slower growth in new orders."
The 14 industries reporting growth in April — listed in order — are: Wood & Wood Products; Miscellaneous; Rubber & Plastic Products; Instruments & Photographic Equipment; Furniture; Leather; Glass, Stone & Aggregate; Industrial & Commercial Equipment & Computers; Chemicals; Food; Tobacco; Fabricated Metals; Primary Metals; and Transportation & Equipment.
Petroleum is the only industry reporting the same level of activity as last month. The industries reporting decreased activity in April are: Apparel; Paper; Electronic Components & Equipment; Printing & Publishing; and Textiles.
