May 1: ISM Manufacturing Index up to 40.1% – Economic Highlights
Source: http://www.zacks.com/stock/news/19742/May+1%3A+ISM+Manufacturing+Index+up+to+40.1%25+-+Economic+HighlightsPosted on Friday, May 1st, 2009 | In Market Commentary, Stocks to Watch
The ISM Manufacturing Index for April stands at 40.1%, more than the 38.6 expected, increasing over the month from 36.9 reported in March. Although below 50 for the 15th consecutive month, showing the manufacturing industry failed to grow, the increase in the value of the index can serve as an indication that the rate of decline is diminishing with prospects of an anticipated recovery. The overall economy, failed to grow for the 7th consecutive month. Miscellaneous Manufacturing showed growth, while the remaining 15 industries constituting the manufacturing sector reported contraction: Printing & Related Support Activities; Primary Metals; Apparel, Leather & Allied Products; Textile Mills; Chemical Products; Furniture & Related Products; Petroleum & Coal Products; Fabricated Metal Products; Transportation Equipment; Food, Beverage & Tobacco Products; Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Paper Products; Machinery; Computer & Electronic Products; and Nonmetallic Mineral Products.
Factory Orders fell by 0.9% in March to $345.3 billion, expected to fall by 0.7%, negating the 0.7% advancement in February which was revised downward from a 1.8% growth. Excluding transportation, new factory orders also decreased by 0.9%. Over the past 12 months, the volume of new orders plummeted by 22.5%.
Today monthly vehicle sales are set to announced, with projections that April sales will be down over 30% to their lowest in almost thirty years. Vehicle sales in March were 6.9 million.
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