TEMPE, Ariz., Jan. 3 (UPI) -- U.S. manufacturing expanded for the 17th consecutive month in December, the Institute of Supply Management said Monday.
The Purchasing Managers Index, a composite index that includes new orders, production and employment, rose to 57 in the month, higher than the break-even point of 50 and higher then November's 56.6 reading.
The new orders index rose sharply from 56.6 to 60.9. The production index also gained, climbing from 55 to 60.7.
Employment among manufacturing businesses declined from 57.5 to 55.7. Exports and imports also fell, dropping from 57 to 54.5 and from 53 to 50.5, respectively.
Prices accelerated for the 18th consecutive month, with the index covering manufacturing expenses for materials climbing from 69.5 to 72.5.
Overall, "We saw significant recovery for much of the U.S. manufacturing sector in 2010. The recovery centered on strength in autos, metals, food, machinery, computers and electronics, while those industries tied primarily to housing continue to struggle," Norbert Ore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee, said in a statement.
"Additionally, manufacturers that export have benefited from both global demand and the weaker dollar. December's strong readings in new orders and production, combined with positive comments from the panel, should create momentum as we go into the first quarter of 2011."
