On Tuesday, September 1st, 2009, the Institute of Supply Management, a trade group of purchasing executives, announced that the manufacturing sector of our economy grew in August. The index rose from 48.9 in July to 52.9 in August. A better than expected increase since economists predicted it would only rise to 50.5. In the same report, ISM states that new customer orders jumped 10% in August reaching their highest level since December 2004. Norbert Ore, chair of ISM said production should grow at “reasonable rates” for the rest of this year. Here is a link to the actual report: http://www.ism.ws/ISMReport/MfgROB.cfm
We did see evidence that this report is accruate, right here at our plastic fabrication facility. Orders picked up in August, and are still coming in during these first few days in September. We are seeing not only increased orders from our key customers, but new customers are also requesting quotes and placing orders. Business slowed down this summer, which is not unusual in this industry. However during the Summer months of 2009, it was just more disturbing to us, due to the state of our economy.
We are glad to see the manufacturing sector of our industry show an increase over last month. The manufacturing sector of the US Economy may be small, but it is strong and provides well paying jobs for our skilled worforce. We hope this upward trend will continue. Here at Connecticut Plastics, Inc, we manufacturer precision machined plastic components for our OEM customers across all major industries. Please visit our website for more information about plastic machining.
