NEWTON, MASS. — Two reports present findings that reflect the economy's continued overall improvement.

GlobalSpec, Inc., an online product resource for the technical and engineering purchasing sectors, released the findings of an online survey it conducted from close to 600 respondents.

GlobalSpec's survey found that 87 percent of companies believe their total revenues will be the same as or greater than a year ago. Seventy-five percent of those who responded said their 2003 revenue projections are at or ahead of target.

When it comes to budgeting and spending, 28 percent said they had reduced spending this year. (In last year's survey, 55 percent of those polled said they had reduced their spending.)

In looking over the findings, Guy Maser, GlobalSpec's vice-president of marketing, said that "industrial companies are turning the corner in their thinking and their spending. Revenues this year are at or above projections, and the expense controls initially put in place last year have helped companies come through the turbulence in the economy. For companies marketing to the industrial sector, the outlook is promising."

Another report — the Institute for Supply Management's monthly Report on Business for September — also reflected an overall optimistic outlook, albeit a somewhat less rosy one.

ISM found that economic activity in the manufacturing sector grew for the third straight month in September, while the economy overall grew for the 23rd consecutive month.

The Purchasing Managers Index (PMI) registered 53.7 percent in September. A PMI reading of greater than 50 percent indicates that the manufacturing economy is expanding; below 50 percent shows it is contracting.

The report shows that manufacturing employment continued to decline in September, however, as the employment index was below the break-even point for the 36th straight month.

"Comments from purchasing and supply managers indicate softness in many industries and concerns about energy prices," Norbert Ore, chair of ISM's Manufacturing Business Survey Committee, said in a statement. "It is hard to draw a consensus, as there are definitely winners and losers in this recovery."

ISM's New Orders index was at 60.4 percent in September, up from 59.6 in August.

"The strength in New Orders during September is a very positive sign as we move into the fourth quarter," said Ore. "The overall picture is better. Some manufacturers are very happy with the improvement, while others are waiting for their sector to pick up."

In addition to the employment numbers, the pricing index also was a source of concern. ISM's findings show that for the 19th consecutive month, manufacturers paid higher prices. September's price index was 56 percent, up 3 percent from August. Seventy percent of those surveyed reported that their prices remained the same, while 21 percent said they were paying more.