Manufacturing Strengthens, Report Shows
Source: New York Times
Manufacturing grew in April at the strongest rate in 10 months in the United States, easing concerns that the economy had lost momentum at the start of the second quarter.
The Institute for Supply Management said on Tuesday that its index of national factory activity rose to 54.8 points from 53.4 in March. The figure beat expectations for a decline to 53.0 in a Reuters poll.
A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 signifies expansion.
“The view on the economy has swung from optimism to pessimism of late, and this could bring us back to the middle,” said Nick Bennenbroek, head of FX Strategy for North America at Wells Fargo. “I.S.M. suggests there’s no real reason to get too concerned about the path of the U.S. economy at this point.”