Original Press Release
NAM Chief Economist Statement on Economic Indicators
Press release date: October 16, 2009
Huether Sees Early Signs Of Recovery
WASHINGTON, D.C. October 16, 2009 - In response to today's report by the Federal Reserve on manufacturing output, National Association of Manufacturers (NAM) Chief Economist David Huether issued the following statement:
The Federal Reserve reported today that manufacturing output increased a strong 1 percent in September after an upwardly -revised 1.2 percent gain in August. With manufacturing posting three consecutive strong monthly gains in production, we see early signs of recovery from the deepest drop in production in the post World War II era.
While half of the September manufacturing production gain was concentrated in the motor vehicle sector, a majority of the 19 major industries posted production gains for all three months in the third quarter.
Further, two regional reports out of the Northeast earlier this week confirm that manufacturing conditions are continuing to get better as we head into the fourth quarter.
However, we are not out of the woods yet. Continued weakness in the labor market, underscored by sluggish wage growth and continued job losses, suggest that consumer spending will likely remain weak, at least in the near term.
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's web site at www.nam.org for more information about manufacturing and the economy.