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ISM cites manufacturing, service sector growth

December 11 2007
Manufacturing revenue is expected to grow 6.8% in 2008, according to the Institute for Supply Management's semiannual economic forecast. In the service sector, growth is expected at 2%.

Manufacturing employment in 2008 is forecast to rise 1.6%, according to the ISM. Service-sector employment will increase 0.5% by the end of next year.

"Manufacturing purchasing and supply executives are mostly optimistic about their organizations' prospects for the first half of 2008, and predict additional growth during the second half," said Norbert Ore, chair of he ISM's manufacturing business survey committee. "While 2007 has been a good year overall, it has presented significant challenges with regard to energy costs and overall inflation in manufacturing input costs."

Service-sector supply managers are more cautious about 2008, according to Anthony Nieves, chair of the ISM's nonmanufacturing business survey committee. "They are cautiously optimistic about continued growth in the first half of 2008 compared to the second half of 2007, and they have a lower level of optimism about the next 12 months than they had last December for 2007," Nieves said.

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