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MAPI QuickPoint - A glance at a building block of worldwide business data  MAPI QuickPoint

 

Analysis on ISM Index:  Emerging Picture of Slow Improvement

The following is an analysis from Cliff Waldman, Economist for the Manufacturers Alliance/MAPI, regarding the Institute for Supply Management (ISM) Index for June 2009:

“The June report from the Institute for Supply Management (ISM) reinforces an emerging picture of slow improvement in U.S. factory sector conditions,” Waldman said.  “The overall ISM Index has now exceeded its September 2008 level, a good sign that the impact of the global financial shock has fully played out in the manufacturing sector and the worst of the sharp decline is now behind us.  Nonetheless, a resumption of at least modest production growth does not yet appear imminent and the data offered a number of disappointments.  The key new orders component fell from modest growth to a modest contraction, and the backlog of orders fell back a bit after a sharp and encouraging surge since March. 

“The tenor of the data continue to suggest a bottoming process with slow improvement,” he added.  ”Eleven industries reported growth in production, and inventory liquidation accelerated.  But a still moribund global economy, combined with the reluctance of domestic firms to ramp up capital spending amidst economic weakness, remains a headwind to a full manufacturing recovery.”

     

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