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American Manufacturing Growth Picks Up
U.S. factory activity expanded in July at the fastest pace in two years, spurred by rising new orders, according to the Tempe, Ariz.-based Institute for Supply Management.
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U.S. factory activity expanded in July at the fastest pace in two years, spurred by rising new orders, according to the Tempe, Ariz.-based Institute for Supply Management.
The research group's index of manufacturing rose to 55.4 last month from 50.9 in June. Any reading above 50 indicates expansion.
ISM says manufacturers are hiring new workers and paying lower prices for raw materials. The group's gauge of production surged 11.6 points to 65, the highest reading for that measure since May 2004.
Economists say faster manufacturing growth could accelerate the sluggish U.S. economy.
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