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Minnesota Technology, Inc. I Tech View I Minnesota Venture Capital Stages Rebound Page 1 of 2 <br /> ,II • I <br /> i t ( , . k a <br /> • ,i4,,,,,,.,,,,,./A it// q"i ,..., -,v ' – --------:=- ,--, `",,,' - – --‘, — - _=-_ - – - <br /> Try,s Search 0 Home About Us Contact Us <br /> t , t Tech View <br /> .�14:• <br /> 4.n • January 2004 <br /> utlts, Firs <br /> MN Tech Scene Manufacturing Paces American Economic Growth <br /> Lvall ts a 7rainin <br /> The nation's manufacturing sector experienced rapid growth during <br /> u ' � "' the third quarter, 2003 according to two new reports. These gains <br /> Oircrtoreshelped pace America's overall economic growth, and had <br /> ws itr_ economists talking about full economic recovery. "It now appears <br /> that the manufacturing sector is shifting into high gear and that <br /> makes it unanimous, the expansion is full blown," said Joel Naroff, <br /> president of Naroff Economic Advisors. In all, GDP grew by 8.2 <br /> percent during the third quarter, the fastest pace in nearly two <br /> decades. <br /> According to the manufacturing index issued by Institute for <br /> Supply ManagementTM Manufacturing Business Survey Committee, <br /> economic activity in the manufacturing sector grew in November <br /> 2003 for the fifth consecutive month. The index soared to 62.8 last <br /> III month. That marked the best reading since December 1983 and a <br /> large increase from 57 registered in October. An index reading <br /> above 50 indicates expansion; one below 50 indicates that <br /> manufacturing activity is contracting. <br /> In a press release, Norbert J. Ore, C.P.M., chair of the Business <br /> Survey Committee said that the "the manufacturing sector enjoyed <br /> its best month since December 1983... the momentum is coming <br /> from continued strength in new orders and production..." <br /> Of the 20 industries surveyed in the manufacturing sector, 18 <br /> industries reported growth: Instruments & Photographic <br /> Equipment; Glass, Stone, &Aggregate; Leather; Electronic <br /> uComponents & Equipment; Tobacco; Industrial & Commercial <br /> Equipment &Computers; Primary Metals; Food; Transportation & <br /> Equipment; Fabricated Metals; Wood & Wood Products; Textiles; <br /> Furniture; Miscellaneous; Printing & Publishing; Chemicals; <br /> Apparel; and Rubber & Plastic Products. <br /> In another report, the U.S. Department of Commerce reported that <br /> new orders for "durable" goods - costly manufactured products <br /> expected to last at least three years - rose by 3.3 percent in <br /> October 2003, up from a 2.1 percent rise registered in September. <br /> October's manufacturing performance was considerably stronger <br /> than economists were expecting. They were forecasting durable <br /> II orders to rise by 0.7 percent last month. The 3.3 percent increase <br /> represented the best showing since July 2002, when orders soared <br /> by 8.1 percent. <br /> http://www.minnesotatechnology.org/techview.asp 1/23/2004 <br />