WASHINGTON, Oct 7 (AFP) - A barometer of the US manufacturing outlook points to broad-based growth in the next three months, despite retreating from a record high, a survey showed Thursday.
The Manufacturers Alliance/MAPI's composite index, drawn from a quarterly survey of senior manufacturing executives, fell to 75 points in September from June's record high 80 points.
Any figure above 50 points to expansion.
"Overall, the business outlook indexes are high in absolute terms and point to continued expansion of manufacturing sector activity," said Manufacturers Alliance/MAPI chief economist Daniel Meckstroth.
"While the pace of growth may have slowed in the third quarter, the survey shows that the manufacturing expansion is broadly based, with most industries growing, and has a solid foundation of rising domestic and foreign demand."
Among the major readings:
-- The orders index eased one point from June to 92 in September and the forward-looking annual orders index rose one point to 88.
-- The backlog orders index, comparing current backlogs with backlogs one year earlier, declined seven points to 86, a showing described as "still healthy but halting seven straight quarterly improvements."
-- The investment index, reflecting investment plans for 2005 compared to this year, rose five points to 69.
-- The profit margin index fell six points to 73 but remained above 50, showing most firms' profit margins were higher than one year ago.