U.S. manufacturing expands at best pace in five months
Graph taken from Shopfloor.org.
Reuters reports that on Thursday, the Institute for Supply Management (ISM) released a report showing that U.S. manufacturing activity rose 1.3 percent to 53.2 in October. The article says the report shows that the manufacturing sector “was regaining its footing after a prolonged slump.” The report is also an indication that the economy is continuing to gain momentum in the fourth quarter.
The Associated Press says the report is “another good sign for the American economy” and that “new orders and production grew faster in November” while hiring and export orders “increased but more slowly than they did in October.”
NAM Chief Economist Chad Moutray wrote on Shopfloor that the report “is encouraging for a sector that has seen subpar growth over much of the past two years on global headwinds and economic anxieties.”