Save this content for laterSave this content on your device for later, even while offline Sign in with FacebookSign in with your Facebook account Close

US factories closed out 2017 with a boom

By: JOSH BOAK, Associated Press
January 3, 2018 Updated: January 3, 2018 at 10:05 am
0
photo - FILE - In this Thursday, Oct. 13, 2016, file photo, recycled plastic chips destined to be made in to thread are shown at the Repreve Bottle Processing Center, part of the Unifi textile company in Reidsville, N.C. On Wednesday, Jan. 3, 2018, the Institute for Supply Management, a trade group of purchasing managers, issues its index of manufacturing activity for December. (AP Photo/Chuck Burton, File)
FILE - In this Thursday, Oct. 13, 2016, file photo, recycled plastic chips destined to be made in to thread are shown at the Repreve Bottle Processing Center, part of the Unifi textile company in Reidsville, N.C. On Wednesday, Jan. 3, 2018, the Institute for Supply Management, a trade group of purchasing managers, issues its index of manufacturing activity for December. (AP Photo/Chuck Burton, File) 

WASHINGTON (AP) — U.S. manufacturers expanded at a faster pace in December, boosted by a sharp increase in new orders.

The Institute for Supply Management said Wednesday that its manufacturing index rose to 59.7 last month from 58.2 in November. Any reading above 50 points to greater factory activity. Manufacturing has been expanding for the past 16 months.

"With a report like this, I can't do anything but smile," said Tim Fiore, chair of the ISM manufacturing business survey committee.

U.S. manufacturers have been helped this year by a solid global economy and a decline in the dollar's value, which helps to make exports more competitive abroad. Firms will soon see whether the lower corporate tax rates signed into law by President Donald Trump will help to push profits and growth even higher.

New orders jumped in December to the highest level since January 2004. Production also rose. The pace of hiring slipped, although it remained positive.

The ISM, a trade association of purchasing managers, said 16 of 18 manufacturing industries expanded in December. Among the sectors seeing growth were machinery, computer and electronics and chemicals.

Other measures point to steady growth.

The Federal Reserve said that factory output in November had increased at an annual rate of 2.4 percent.

Through the first 10 months of the year, factory orders have risen 5.6 percent, according to the Census Bureau.

Register to the Colorado Springs Gazette
Incognito Mode Your browser is in Incognito mode

You vanished!

We welcome you to read all of our stories by signing into your account. If you don't have a subscription, please subscribe today for daily award winning journalism.

Register to the Colorado Springs Gazette
Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Already a Subscriber? LOGIN HERE

Wake up with today's top stories in your inbox

Wake up with today's top stories in your inbox

or
Already a print subscriber?
Already a digital subscriber?
 
This is your last FREE article for the month
This is your last FREE article for the month

Subscribe now and enjoy Unlimited Digital Access to Gazette.com

Only 99 cents for Unlimited Digital Access for 1 month
Then $2.31/week, billed monthly, cancel anytime
Already a print subscriber?
Already a digital subscriber?

 
You have reached your article limit for the month
You have reached your article limit for the month

We hope that you've enjoyed your complimentary access to Gazette.com

Only 99 cents for Unlimited Digital Access for 1 month
Then $2.31/week, billed monthly, cancel anytime
Already a print subscriber?
Already a digital subscriber?

 
articles remaining
×
Thank you for your interest in local journalism.
Gain unlimited access, 50% fewer ads and a faster browsing experience.