none

US MANUFACTURING SURGES IN JULY

20-08-2014
by 
in 

US manufacturing activity surged by 1% last month, with auto production recording its biggest rise in five years.

The highly watched Institute for Supply Management’s factory index rose to 57.1 in July, the highest reading since April 2011. Readings above 50 signal expansion, and readings below 59 signal contraction.

Last month’s gain was the largest since February and reflected increases across all major categories.

Auto production led the way with a +10.1% leap, its biggest rise in five years. Cars and light trucks sold at a 16.4 million yearly pace in July after a 16.9 million pace in June – the strongest since July 2006, according to data from Ward’s Automotive Group.

There was also strong machinery output during the month.

Manufacturing accounts for about 12 percent of the US economy and the latest figures indicate that business investment is beginning to pick up.

The strong manufacturing report means the US economy is still accelerating on top of the second quarter’s robust +4% annual pace that is consistent with 3% growth this quarter.

The strong rise in manufacturing and a 0.3% advance in mining output offset a mild weather-related 3.4% decline in utilities production, for a +.4% rise in industrial production in July. 

Related news & editorials

  1. 18.06.2018
    18.06.2018
    by      In
    Queensland-based electronics design and manufacturing company, Hetech, is collaborating with selected local engineering companies to increase its design capacity of up to 20 engineers.
    With defence projects such as the LAND400: Phase 2 arriving in Queensland, collaboration between local engineers... Read More
  2. 15.06.2018
    15.06.2018
    by      In
    The NRMA has chosen Australian-made electric vehicle chargers from Brisbane-based Tritium to equip its $10 million network planned for New South Wales and the ACT. The network, which will be the largest in Australia, will comprise 40-plus charging stations that will be free to use for NRMA members... Read More
  3. 14.06.2018
    14.06.2018
    by      In
    Australia’s Collins Class submarine fleet is set to receive significant sonar upgrades this year in a project led by Raytheon Australia and Thales Australia.
    In announcing the commencement of the upgrade programme, Minister for Defence Industry, the Hon Christopher Pyne MP, said that as the... Read More
  4. 14.06.2018
    14.06.2018
    by      In
    Australian-founded Ainsworth Game Technology has expanded globally since being established in 1995, today representing the fifth-largest gaming manufacturer in the USA. The company boasts a new state-of-the-art US$40 million facility in Las Vegas, which produces thousands of gaming machines per... Read More