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Economy in Brief

ISM Factory Index Up
by Tom Moeller December 1, 2004

The Composite Index of activity in the manufacturing sector from the Institute of Supply Management rose a point last month to 57.8 versus Consensus expectations for little change at 57.0.

During the last twenty years there has been a 70% correlation between the level of the Composite Index and the three month growth in factory sector industrial production.

The Composite Index reflected gains in the new orders (61.5), employment (57.6) and inventory (50.7) components.

The separate index of export orders fell and reversed nearly half of the prior month's rise.

The prices paid index fell, and at 74.0 was well off the year's high of 88.0.

"Using Manufacturing Surveys to Access Economic Conditions" from the Federal Reserve Bank of Richmond is available here.

ISM Manufacturing Survey Nov Oct Nov '03 2003 2002 2001
Composite Index 57.8 56.8 61.3 53.3 52.4 43.9
  New Orders Index 61.5 58.3 71.4 58.1 56.6 46.1
Prices Paid Index (NSA) 74.0 78.5 64.0 59.6 57.6 42.9
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