U.S. manufacturing activity surged in third quarter
Arlington, VA -- After a long stretch of anaemic performance, U.S. manufacturing business activity showed dramatic...
Arlington, VA — After a long stretch of anaemic performance, U.S. manufacturing business activity showed dramatic improvement from the second quarter to third quarter 2003, according to the quarterly Manufacturers Alliance/MAPI Analysis of Selected Industrial Indicators, a report that analyzes 28 major industries.
Third quarter 2003 figures show that 19 of the 28 industries tracked in the report had inflation-adjusted new orders or production above the level of one year ago, up significantly from 11 industries in second quarter 2003 and 14 industries in first quarter 2003.
Top industry performers recording double-digit growth were electronic computers; communications equipment; mining, oil field and gas field equipment; defence capital goods; semiconductors; construction equipment; search and navigation equipment; electro-medical, measuring, and controlling instruments; and housing starts.
“There was a definite turning point that hopefully signals an end to the long and painful manufacturing recession,” said Daniel J. Meckstroth, Ph.D., Manufacturers Alliance/MAPI chief economist, and author of the analysis. “The rebound in order activity coupled with low inventories, favourable credit conditions, and rising profitability should set in motion a sustained rebound.”