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Manufacturing in U.S. Expands at Fastest Pace Since Late 2018

  • ISM new orders gauge jumps to more than 16-year high
  • Production grows by most since 2018, inventories shrink
    
Photographer: Chona Kasinger/Bloomberg
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U.S. manufacturing expanded in August at the fastest pace since late 2018, powered by growth in new orders that are a bright spot in an otherwise struggling economy.

A gauge of factory activity increased to 56 during the month from 54.2 in July, Institute for Supply Management data showed Tuesday. Readings above 50 indicate expansion, and the figure surpassed nearly every estimate in a Bloomberg survey of economists and the median projection of 54.8.