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By Shannon Bond in New York
The US manufacturing sector expanded in December at the fastest pace in six months, in another sign of firmer economic growth in 2011’s final quarter.
The Institute for Supply Management’s purchasing managers’ index rose to 53.9, the highest reading since April. Readings above 50 indicate expansion. “[The report] suggests improvement in the overall macroeconomic environment or at least sentiment”, said Holden Lewis, industrial analyst for BB&T Capital Markets. But with “flattish” economic conditions around the globe, he said the trend would have to continue through February to suggest a more meaningful recovery was under way.Stocks added to early gains on the report. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite were all up at least 1 per cent.
The outlook for demand improved as new orders rose and manufacturers and customers both drew down inventories. “Manufacturing is finishing out the year on a positive note, with new orders, production and employment all growing in December at faster rates than in November,” said Bradley Holcomb, chair of the ISM’s survey committee.
The data followed readings from China and India showing manufacturing expanded last month, although at a tepid pace. Factory activity in the eurozone shrank for a fifth straight month as confidence was eroded by the sovereign debt crisis.
Separately, US construction spending expanded 1.2 per cent to $807.1bn in November.
“Activity levels in the housing market have bottomed and . . . we may be seeing a very gradual increase in activity,” said John Ryding and Conrad DeQuadros of RDQ Economics. “It is looking likely that residential investment added to fourth-quarter real GDP growth.”
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