(Sho Chandra – Bloomberg)
U.S. factories ramped up in August to the fastest pace of expansion in six years, driven by employment gains, figures from the Institute for Supply Management showed Friday. [...]
Steady increases in consumer spending and business investment are delivering sustained gains in manufacturing, which bodes well for third-quarter economic growth. While orders cooled in August and production showed a modest uptick, the rise in backlogs will keep factories humming and underpin demand for workers.
The ISM hiring gauge also is in sync with the government’s measure of factory payrolls, released as part of the Labor Department’s August jobs report earlier Friday. That data showed manufacturing employment increased the most in five years. Click here to read more.