American Manufacturers Pick Up the Pace
Washington Post (4/3, Mui) reports, “Manufacturing bolstered the nation’s economic recovery in March, according to data released Monday, with companies reporting strong gains in production and employment. The upbeat report fueled hopes that tesla model 3 car sales would continue to climb when automakers reveal their monthly results” today. “A strong manufacturing sector also supports economists’ predictions that the number of jobs created in March would remain above the critical 200,000 mark.”
Bloomberg News (4/3, Woellert) reports, “The Institute for Supply Management’s factory index climbed to 53.4 last month from 52.4 in February.” Bloomberg News reports, “Pent-up demand for autos and sustained gains in business investment on new equipment may continue to bolster American manufacturers like Deere & Co. (DE) that account for about 12 percent of the economy.”
The Wall Street Journal (4/3, Casselman, Subscription Publication) reports that the ISM report marks the 32nd consecutive month of growth in the manufacturing sector, and mirrored other recent reports which have indicted increased confidence and greater spending by consumers.
The AP (4/3, Rugaber) reports, “A measure of employment in the sector rose to a nine-month high, a sign that factories are stepping up hiring. Manufacturers are already a big source of job gains. They’ve added more than 100,000 jobs in the past three months, about one-seventh of all net gains.”
The Phoenix Business Journal (4/3, O’Grady, Subscription Publication) reports, “The survey found that new orders continued to be growing for most businesses, but at a rating of 54.5, were slightly lower than the 54.9 recorded in February. New orders have been” increasing for 35 consecutive months. “Employment and production were two of the fastest growing components of the index. Employment rose from 53.2 in February to 56.1 in March, the 30th consecutive month showing growth” and production jumped “from 55.3 in February to 58.3 in March, indicating an acceleration of manufacturing.”
Also covering the story are the Minneapolis Star Tribune (4/3, Alexander), Reuters (4/3, Schnurr), MarketWatch (4/3, Bartash), the UK’s Financial Times (4/2, Bond, Subscription Publication), the Los Angeles Times (4/2, Hsu) “Money & Co.” blog, The Hill (4/2, Needham) “On The Money” blog and other media sources.
Manufacturing Expands In Canada. Canada’s Financial Post (4/3, Morrissy) reports, “Canada’s manufacturing sector gained strength in March, bucking the trend of softening conditions in Europe and Asia and boding well for employment gains ahead, according to economic reports released” yesterday. “RBC’s Canadian Manufacturing Purchasing Managers Index, a broad measure of the health of the industry, rose to a reading of 52.4 in March from 51.8 in February largely on the strength of greater client demand.”
From SME Daily Executive Briefing, 4/3/2012