Manufacturing Activity Picks Up in October

Even though the U.S. economy is more reliant on services, manufacturing is still an indicator of the overall strength of an economy.  As reported in the November 1st edition of Bloomberg, the Institute for Supply Management's factory index reported a five-month high to 56.9.  This is an increase from last month's 54.4 and is mainly attributed to rising demand in markets overseas.  It should also be noted that most economists expected manufacturing to decline this month, so this is certainly a positive.  While it is another indicator that we will not be experiencing a double-dip recession, further jumps in manufacturing is needed to sustain and grow the current recovery.