U.S. Economic Growth = More Demand for Energy
Posted: Wed Jan 03, 2018 10:18 am
Manufacturing activity in the U.S. unexpectedly strengthened in December, boosting optimism over the American econocmy, according to an industry report released on Wednesday.
The Institute for Supply Management (ISM) said its index of manufacturing activity increased to 59.7 last month from November’s reading of 58.2.
Analysts had forecast the index to drop to 58.1.
A reading above 50.0 indicates expansion in the manufacturing sector, below indicates contraction.
Furthermore, the ISM indicated that the survey suggested that the overall economy had grown for the 103rd consecutive month.
The new orders index rose to 69.4 in December from 64.0 a month earlier.
The employment index fell to 57.0 last month from the prior 59.7, missing forecasts for a gain to 59.0.
The prices paid index unexpectedly increased to 69.0 in December, from the previous reading of 65.5. Economists had forecast the reading to drop to 64.8.
“Comments from the panel reflect expanding business conditions, with new orders and production leading gains; employment expanding at a slower rate; order backlogs expanding at a faster rate; and export orders and imports continuing to grow in December,” the ISM noted.
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Lower income tax rates will mean higher paychecks for American workers starting in February.
Increased consumer spending will take economic growth even higher. Could we see 4% GDP growth this year?
The Institute for Supply Management (ISM) said its index of manufacturing activity increased to 59.7 last month from November’s reading of 58.2.
Analysts had forecast the index to drop to 58.1.
A reading above 50.0 indicates expansion in the manufacturing sector, below indicates contraction.
Furthermore, the ISM indicated that the survey suggested that the overall economy had grown for the 103rd consecutive month.
The new orders index rose to 69.4 in December from 64.0 a month earlier.
The employment index fell to 57.0 last month from the prior 59.7, missing forecasts for a gain to 59.0.
The prices paid index unexpectedly increased to 69.0 in December, from the previous reading of 65.5. Economists had forecast the reading to drop to 64.8.
“Comments from the panel reflect expanding business conditions, with new orders and production leading gains; employment expanding at a slower rate; order backlogs expanding at a faster rate; and export orders and imports continuing to grow in December,” the ISM noted.
------------------------------
Lower income tax rates will mean higher paychecks for American workers starting in February.
Increased consumer spending will take economic growth even higher. Could we see 4% GDP growth this year?