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Strong manufacturing reported

Friday, Jan. 2, 2004 | 11:31 a.m.

The Institute for Supply Management reported today that its manufacturing index jumped to 66.2 from 62.8 in November.

The new figure was the highest since December 1983 in a sector that was one of the hardest hit in the economic downturn. The reading was significantly higher than the 61 forecast by analysts.

An index reading above 50 indicates expansion; one below 50 indicates that manufacturing activity is contracting. From March through June, the manufacturing index was below 50.

"Much of the momentum is in new orders," said Norbert J. Ore, chairman of the institute's manufacturing business survey committee. "The strength in December's data provides significant encouragement for prospects in the first quarter of 2004."

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