US Manufacturing Expands At Fastest Rate Since July 2011
Source: Guardian UK
Tuesday 3 September 2013 11.31 EDT
US manufacturing expanded in August at the fastest pace since June 2011, according to a closely watched poll of the sector.
Economic activity in the manufacturing sector expanded for the third consecutive month, according to the Institute of Supply Management (ISM). The ISM poll of purchasing managers rose to 55.7% from 55.4% in July – readings above 50% indicate growth in the manufacturing sector.
The poll was better than forecast and comes before the latest monthly job figures are released by the Labor Department on Friday. Of the 18 manufacturing industries measured by the ISM, 15 reported growth – including textile mills, food and beverage, computer and electronic products and transportation equipment. Only one industry, miscellaneous manufacturing, reported contraction in August.
However, respondents to the survey remained cautious, one calling improvements "slight" in a remark quoted by ISM. "Tight government spending still affecting business," reported one transportation equipment executive. "Military slowdown affecting business," said a computer and electronics executive.
Read more: http://www.theguardian.com/business/2013/sep/03/us-economy-ism-poll-manufacturing
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