Economy could rebound faster than expected
September 3rd, 2009 | Author: Benjamin Harris
Manufacturing grew in August for the first time in more than a year and a half, suggesting a broad, stronger-than-expected recovery from the worst recession since the 1930s.
The Institute for Supply Management reported Tuesday that its much-watched manufacturing index grew from July to August for the first time in 19 months, rising to 52.9, the highest level since August 2007. Anything above 50 signals that manufacturing is expanding.
The institute says the figure corresponds to an overall economy growing at an annual pace of 3.7 percent, about twice as fast as economists have been predicting.
“It’s very good news,” says John Canally Jr., investment strategist at LPL Financial in Boston. “And it wasn’t just autos.”
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