U.S. manufacturing activity at highest levels in 2 years
ASSOCIATED PRESS
Machines work on a Ford vehicle assembly line at Ford’s Chicago Assembly Plant in Chicago in 2019. American factories expanded at a faster pace last month, continuing a rebound from the coronavirus recession. The Institute for Supply Management, an association of purchasing managers, reported Tuesday, Sept. 1, 2020, that its manufacturing index climbed to 56 in August from 54.2 in July. (AP Photo/Amr Alfiky, File)
WASHINGTON >> U.S. manufacturing posted a strong gain in October to the highest level in two years even as coronavirus cases have begun to surge again in many parts of the country.
The Institute for Supply Management, an association of purchasing managers, said Monday that its manufacturing index rose by 3.9 percentage-points to a reading of 59.3% last month, up from 55.4% in September.
It was the highest level for this closely watched barometer of manufacturing health since September 2018. Any reading above 50 signals that manufacturing is expanding.
The gauge had fallen into recession territory from March through May as much of the country shut down in an effort to contain the coronavirus.
