U.S. Economy, Manufacturing and Jobs Slowly on the Rise

New Signs of Life

After months of doom and gloom, the manufacturing sector has experienced growth for the second consecutive month, according to the Institute for Supply Management (ISM). Though slow, jobs and the overall economy have seen recent gains as well.

ISM released its latest Manufacturing ISM Report on Business, a survey of the nation’s purchasing and supply executives. The report indicated that economic activity in the manufacturing sector expanded in September and October following three consecutive months of slight contraction. The survey noted a 0.2 percentage point increase from September’s reading, indicating growth in manufacturing at a slightly faster rate.

In September, the Bureau of Labor Statistics released its jobs report, which indicated the unemployment rate fell to 7.8 percent—the lowest level in more than three years. But, October’s jobs report was essentially unchanged, with an unemployment rate of 7.9 percent and the number of unemployed persons at 12.3 million. This does not take into account the millions of other Americans who work part-time but want full-time employment, or those who are too discouraged to look for work.

Bureau of Labor Statistics

Unemployment rate, seasonally adjusted, October 2010-October 2012

To review the entire Manufacturing ISM Report on Business, visit www.ism.ws/ISMReport.

For the Bureau’s latest Employment Situation Summary, visit www.bls.gov.