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DauGia60phut · 01/03/2011, 22:25

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http://www.bloomberg.com/news/2011-...acturing-in-u-s-rose-to-61-4-in-february.html

U.S. manufacturing accelerated in February to the fastest pace since May 2004, a sign that factories are ramping up production to meet demand.

The Institute for Supply Management’s factory index increased to 61.4 from 60.8 in January, the Tempe, Arizona- based group said today. Readings greater than 50 signal growth. In Europe, manufacturing expanded at the fastest pace in more than 10 years, while the rate of growth at factories in China was the slowest in six months.

Business investment in new equipment is prompting U.S. companies like Eaton Corp. and Deere & Co. to raise profit forecasts as the global economy expands. Federal Reserve Chairman Ben S. Bernanke told Congress today that while economic growth will pick up, there needs to be a “sustained period of stronger job creation.”

“We anticipate further gains will be seen in manufacturing data,” Maxwell Clarke, chief U.S. economist at IDEAglobal in New York, said before the report. “The improved pace of domestic business activity will continue over the course of 2011.”

The median estimate called for an increase to 61, according to the Bloomberg survey of 77 economists. Forecasts ranged from 58.7 to 63.3.

European Manufacturing

A gauge of factories in the euro region rose to 59 last month, the highest since June 2000, from 57.3 in January, London-based Markit Economics said. A U.K. index of manufacturing held at 61.5 in February, the highest since the survey started in 1992, according to Markit Economics and the Chartered Institute of Purchasing and Supply.

In China, the Purchasing Managers’ Index dropped for a third month. The gauge fell to 52.2 from a January reading of 52.9, the China Federation of Logistics and Purchasing said on its website. In contrast, India’s manufacturing grew at the quickest pace in three months, according to a survey by HSBC and Markit Economics.

The ISM’s measure of new orders in the U.S. rose in February to 68, the highest since January 2004, from 67.8. The employment gauge jumped to 64.5, the highest since January 1973, from 61.7 in the prior month.

The group’s production index rose to 66.3 from 63.5, and a measure of export orders climbed to 62.5 from 62.

A gauge of prices paid increased to 82 from 81.5.

Consumer Prices

Experience with higher commodities prices in recent decades, along with currently stable labor costs, suggests a “temporary and relatively modest increase in U.S. consumer price inflation,” Bernanke said in prepared remarks today for his semiannual monetary policy testimony before the Senate Banking Committee.

Bernanke’s comments suggest the central bank will stay on course to complete $600 billion of Treasury purchases through June in a bid to bring down joblessness persisting at 9 percent or higher for almost two years.

The ISM’s inventory index fell to 48.8 from 52.4, and a gauge of customer stockpiles decreased to 40 from 45.5. A figure lower than 50 means manufacturers are reducing stockpiles.

Recent regional factory reports underscore the strength of manufacturing at the start of the year. The Institute for Supply Management-Chicago Inc. said yesterday that its business barometer rose in February to the highest level since July 1988.

Regional Data

The Fed Bank of New York on Feb. 15 reported manufacturing accelerated in that region in February, while the Philadelphia Fed said two days later that factories in its area expanded at the fastest pace since January 2004.

The manufacturing industry, which accounts for about 11 percent of the world’s largest economy, led the recovery from the recession that ended in June 2009 as businesses rebuilt stockpiles slashed during the slump that began in December 2007. Rising exports have also spurred production.

In 2010, U.S. gross domestic product increased 2.8 percent, the most in five years.

“The numbers coming out of the U.S. for GDP and industrial production are pretty solid, but we have an issue with regard to employment,” James Meil, chief economist at Eaton said on a Feb. 25 teleconference. The Cleveland-based maker of pumps used in forklifts, raised its full-year forecast amid higher hydraulics sales.

Employment Gains

Employment increased by 190,000 workers last month, the most since May 2010 and rebounding after a 36,000 gain in January, when winter storms depressed the count, according to the median forecast of economists surveyed by Bloomberg ahead of Labor Department data on March 4. The report may also show the jobless rate increased to 9.1 percent from 9 percent.

Gains in manufacturing may be limited in coming months by a slowdown in consumer spending, which accounts for about 70 percent of the economy. Household purchases rose at a 0.2 percent pace in January, half the rate forecast by economists and the slowest pace since June, the Commerce Department reported yesterday.

At the same time, auto dealers are seeing improved demand. Car sales in February probably rose to a 12.6 million unit pace, the highest since the government’s cash-for-clunkers program in August 2009, after a 12.54 million annual rate the previous month, according to industry data.

Factories may receive a boost this year from a government program that accelerates tax depreciation for equipment purchases. The incentive is part of an $858 billion bill signed by President Barack Obama in December that extends tax cuts for two years, continues expanded unemployment insurance benefits through 2011 and trims payroll taxes.

To contact the reporter on this story: Timothy R. Homan in Washington at thoman1@bloomberg.net
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