Economic activity in the US manufacturing sector has expanded for the sixth month in a row, with apparel reporting the fastest growth.
Economic activity in the US manufacturing sector has expanded for the sixth month in a row, with apparel reporting the fastest growth.
The Manufacturing ISM Report on Business, which was compiled by the Supply Management Manufacturing Business Survey Committee’s Norbert Ore, suggests that leather and allied products, textile mills and machinery are also key areas that performed well in January.
In contrast, hedge fund managers have been warned that furniture and related products were the one manufacturing area that actually contracted during this period.
Mr Ore announced that the sector has now experienced its sixth successive month of growth, according to purchasing managers’ index figures.
He stated: “The past relationship between the PMI and the overall economy indicates that the PMI for January (58.4 per cent) corresponds to a 5.5 percent increase in real gross domestic product on an annual basis.”
Earlier this week, City Index market strategist Joshua Raymond claimed that US growth figures have led to hedge funds investing in Europe.
