US manufacturing to grow 6.8% next year - ISM

11 December 2007 18:38  [Source: ICIS news]

TORONTO (ICIS news)--US manufacturers expect to see revenues rise by an average 6.8% in 2008, up from 2.4% for 2007, the Institute of Supply Management (ISM) said on Tuesday, citing its latest survey of US purchasing executives.

 

"Manufacturing purchasing and supply executives are mostly optimistic about their organisations' prospects for the first half of 2008, and predict additional growth during the second half," said Norbert Ore, chair of the ISM’s manufacturing business survey committee.

 

The numbers compare with a 2% growth expected in non-manufacturing revenues for 2008, up from 1.3% growth this year.

 

Chemical product makers were among the sectors that expected to see capital expenditure rise by at least 5% in 2008, achieve above-average export growth, and to pay above-average prices for their purchases next year, the institute said.

 

Overall US manufacturing was currently operating at an average 82.9% of capacity - slightly up from April’s 82.8% but down from the December 2006 rate of 84.5% - with chemicals makers among the industries that reported rates at or above the average, the institute added.

 

The full survey findings and projections are available on the ISM's website.

By: Stefan Baumgarten
+1 713 525 2653

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