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November 03 Manufacturing index rebounded The United States economy still faces a long slog back to normalcy, but there were signs on Monday that the country’s wounded manufacturing and housing industries were on track to recovery. The overall health of the manufacturing sector reached its highest level in three years in October, according to a report from the Institute for Supply Management, and employment in the sector grew for the first time in 15 months. The recovery was driven by increases in production and declining inventories — for example, assembly-line workers turning stockpiles of iron and steel into cars. Manufacturing executives heralded the numbers as an indication that this engine of the economy was in “sustainable recovery mode.” But some economists urged caution, noting the government’s role in stimulating manufacturing through its cash-for-clunkers program, which offered thousands of dollars in credits toward the purchase of new vehicles. And the number of new orders, an indicator of how busy factories will be in the months ahead, declined slightly, adding to concern that the revival of the manufacturing sector may be slow. There were also indications on Monday of growth in the housing industry. A report from the National Association of Realtors showed that the number of existing-home sales increased for the eighth month in a row in September. But part of that increase was attributed to a popular government tax credit for first-time home buyers, which is expected to expire in November. And economists noted that foreclosures would continue to inundate the market and drive up totalinventory. “We’re finally seeing some natural momentum begin to take place in the housing market,” said Bernard Baumohl, chief global economist at the Economic Outlook Group. “It is absolutely essential to strengthenthe housing sector to get this economy and the banks up and running again.” The construction of new buildings appeared to be on the rise. The Commerce Department said on Monday that spending on new construction had climbed by the largest amount in a year, reaching $940.3 billion. Economists look closely at construction because it provides insight into the business psyche and whether owners feel there is enough demand for their products to justify an expansion. Last week, the government reported that the United States economy had grown for the first time in a year, ending the longest recession since World War II. TrackbacksThe trackback URL for this entry is: http://ghuang.spaces.live.com/blog/cns!B86CCB7CD9634444!5632.trak Weblogs that reference this entry
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