According to a new report by the Manufacturers Alliance/MAPI, manufacturing will see stronger recovery than the general economy.
Daniel J. Meckstroth, Chief Economist for the Manufacturers Alliance/MAPI expressed that according to the monthly data for manufacturing production, the recession, which started in January 2008, ended in June 2009. The problem of the inventory destocking is ceasing and inventories do not have to be built to increase production as output growth can result from less liquidation. The inventory swing has had a positive effect on production and was evident in the fourth quarter of 2009.
Manufacturing industrial production, measured on a quarter-to-quarter basis, grew at nearly a 6% annual rate in the fourth quarter of 2009 following 8% growth in the third quarter.
There was a significant upward trend in the 2009 fourth quarter figures for the various components of the manufacturing economy. Steel production grew by 49% while basic chemicals advanced by 16%. The largest drop came in construction machinery production which declined 27% while mining, oil field and gas field machinery experienced a 26% decline.
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