The National Association of Manufacturers, Washington, D.C., believes the manufacturing recovery is “definitely underway” following government reports regarding industrial production and durable and nondurable goods.
“The Federal Reserve announced that overall industrial production grew 1.1 percent in May following a strong 0.08 percent rise in April,” Jerry Jasinowski, president of the National Association of Manufacturers (NAM), said. “Manufacturing grew a healthy 0.9 percent fueled by nearly identical increases in both durable and nondurable sectors.
“The news is even better than it looks on the surface as the gains were widespread with production increasing in 17 of 19 industries,” Jasinowski said. “Excluding high-tech and motor vehicles, manufacturing output surged an impressive 1.1 percent — the largest monthly increase to date this year. There is no doubt that the manufacturing recovery is now durable, deep and diffuse.
“Moreover, the fact that there were strong gains in the production of consumer goods and business equipment, as well as supplies and materials, confirms that the overall economy recovery is continuing to run on all cylinders, Jasinowski said.