Owner-operators with hauls tied closely to factory output should see good demand through year-end, based on today’s report from the Institute for Supply Management.
ISM says economic activity in manufacturing sector expanded in November for the 28th consecutive month, and the overall economy grew for the 30th consecutive month, says ISM’s Bradley Holcomb. That’s based on a poll of supply executives for the latest Manufacturing ISM Report On Business.
“Respondents cite continuing concerns about the general economic environment, government regulations and European financial conditions, but are cautiously more optimistic about the next few months based on lower raw materials pricing and favorable levels of new orders,” Holcomb says.
And you can take one of those concerns – European financial conditions – down a notch after Wednesday’s announcement that major U.S. banks worked out easier access to dollars to help Greece and other flailing economies over in the Motherland.
ISM says these eight sectors showed manufacturing growth in November: Wood Products; Textile Mills; Petroleum & Coal Products; Primary Metals; Food, Beverage & Tobacco Products; Computer & Electronic Products; Apparel, Leather & Allied Products; and Paper Products.
And for the actual numbers of ISM’s manufacturing index: “The PMI registered 52.7 percent, an increase of 1.9 percentage points from October’s reading of 50.8 percent,” Holcomb says. Readings over 50 indicate expansion.