Rising Manufacturing Orders Signal Further U.S. Growth: Economy
Source: Bloomberg
By Michelle Jamrisko Apr 1, 2014 12:23 PM ET
The U.S. manufacturing expansion accelerated in March, driven by gains in production and orders, in the latest sign that the economy is shaking off its winter doldrums and building momentum into the second quarter.
The Institute for Supply Management’s index increased to 53.7 from 53.2 a month earlier, the Tempe, Arizona-based group said today. Readings above 50 indicate expansion. The median forecast in a Bloomberg survey of economists was 54.
Ford Motor Co., Chrysler Group LLC and Toyota Motor Corp. today reported March sales that beat analysts’ estimates as consumers, whose confidence is at a six-year high, returned to auto dealers and shopping malls as the weather warmed. Other figures this week are projected to show hiring picked up for a third consecutive month as employers become more convinced the world’s largest economy will quicken.
“The weakness we saw in the very early part of this year is going to abate and we’ll see better growth,” said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. in New York, who correctly forecast the ISM figure. “We’re making our way back to something that’s more sustainable.”
Read more: http://www.bloomberg.com/news/2014-04-01/u-s-ism-manufacturing-index-rose-to-53-7-in-march-from-53-2.html
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