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U.S. Factory Activity at 14-Year High
Factory activity in the U.S. accelerated to its fastest pace in more than 14 years last month, thanks to gains in output, sales, new orders and employment.
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Factory activity in the U.S. accelerated to its fastest pace in more than 14 years last month, thanks to gains in output, sales, new orders and employment.
The Institute for Supply Management’s manufacturing index for August climbed to 61.3 from 58.1 in July. Any number above 50 indicates expansion.
The increase surprised analysts. Many expected that uncertainties about trade and more sluggish growth in some of the country’s largest export markets would cause a slight dip in the August index.
Many economists say the uptick portends a strong performance for the American economy in the second half of 2018. They also expect the Federal Reserve will respond by implementing previously announced plans to increase interest rates by one-quarter point in September and December.
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