Good Economic Surprises Happening Now
Managers at manufacturing companies responsible for purchasing reported orders were up in August, over July. The Institute of Supply Management, a trade group for professional purchasing managers at large companies, said its index of manufacturing order activity hit a 14-year high of 61.3%, up sharply from July's 58.1%.
The index is based on 10 components and the key one — the forward-looking new orders sub-index — hit 65.1%. After second quarter growth surged to 4.2%, the economy was expected to slow down. The new orders figure is the first confirmation a good surprise is under way.
Meanwhile, purchasing managers at non-manufacturing companies, which account for about 86% of U.S. economic activity, also shot up in August to 58.5%, up from July's 55.7%, and the forward-looking new-orders sub-index rose from July's 57% to 60.4%.
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