NAM: Manufacturing expands in July at fastest pace in more than two years
Bloomberg News (8/2, Stilwell) reports the Institute for Supply Management’s factory index increased to 55.4 in July. Manufacturing expanded at the fastest pace in more than two years. The increase was “sparked by surges in orders and production that signal companies are growing more optimistic about the U.S. economy’s prospects.”
The AP (8/2, Rugaber) reports a gauge of production increased 11.6 points to 65, the ISM said. That is “the highest reading since May 2004.” Also, a measure of hiring at factories climbed “to its best level in a year — the latest of several encouraging signs ahead of Friday’s July employment report.”
The Wall Street Journal (8/2, Shah, Subscription Publication) reports the ISM report suggests that the spring slowdown in manufacturing may have presaged a later rally as summer came on.
Markit Index Of Manufacturing Rose In July. Bloomberg News (8/2, Baca) reports the Markit Economics final index of manufacturing rose in July to 53.7 from 51.9 in June. The Markit index follows “recent reports that showed industrial production climbed in June, while manufacturing in the New York and Philadelphia (OUTFGAF) regions expanded more than forecast” last month.