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Motors Shipments Index shows stability during 1Q 2012.
Press Release Summary:
May 30, 2012 - NEMA Motors Shipments Index increased 0.8% from previous quarter, which follows 4.1% gain posted in 4Q 2011. Since bottoming out in 2Q 2009, index has climbed cumulative 47% and topped pre-recession high for 4 straight quarters. Beyond short-term production surge in late 2011/early 2012, manufacturing activity is decelerating from post-recession pace to more sustainable level in line with long-run industry output trends; output growth is seen tapering to average of 3.4% in 2012 and 2013.
Original Press Release
Motors Shipments Stable in First Quarter of 2012
Press release date: May 25, 2012
Motors shipments have benefited from strong manufacturing sector growth in recent months. Manufacturing experienced a surge of activity in the first quarter of 2012, in large part due to unseasonably warm weather in January and February, as evidenced by the 10.4 percent annualized increase in industrial production for manufactured goods. Beyond the short-term surge in production seen late last year into early this year, manufacturing activity is decelerating from its robust post-recession pace to a more sustainable level closer in line with long-run industry output trends, with output growth is seen tapering to an average of 3.4 percent in 2012 and 2013. The Institute of Supply Management's purchasing manager's index for the manufacturing sector grew slightly to 54.8 from 53.4. While the ISM maintains that any value for the PMI above 50 indicates that the manufacturing sector is growing, the first quarter data indicates growth, however it is still far below the levels reached in 2009/2010. Moreover, the new orders index grew almost four points to 58.2 in April, down three points from January's 9-month high.
Recent data on durable goods orders point toward a slowing of the heretofore robust manufacturing recovery, with orders of durable goods trending downward over the last year. Overall, most of the incoming data indicates that manufacturing growth, one of the few bright spots in the recovery to date, is moderating amidst slow, but positive, progress in the U.S. economy and slowing of the global economy in general. Nonetheless, the electrical manufacturing industry is expected to advance at a steady annual pace over the next two years.
NEMA is the association of electrical equipment and medical imaging manufacturers, founded in 1926 and headquartered in Arlington, Virginia. Its member companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Worldwide annual sales of NEMA-scope products exceed $120 billion.
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