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June 6, 2006
U.S. Manufacturing Activity in Record-Setting Territory
Per our earlier note on the vitality of U.S. manufacturing, the Institute for Supply Management recently reported that economic activity in the manufacturing sector in May grew for the 36th consecutive month.
Commenting on these results, Tom Blumer at NewsBusters observes:
You have to go back almost 27 years to find a longer streak than the 36-month tear we're currently on. Longer streaks in the time the PMI Manufacturing Survey has been done have been these (all during a time when manufacturers as a whole could usually do no wrong unless it was self-inflicted):
* August 1975 - July 1979 -- 48 months
* February 1971 - August 1974 -- 43 months
* October 1962 - December 1966 -- 51 monthsThe fact that the current 36-month streak has occurred at a time of unprecedented hypercompetition on a global scale is all the more impressive.
This would be a good tonic to all the gloom and doom about the "death of manufacturing" in the US. . .
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