The Manufacturing Expansion Is Real

Latest ISM data data shows that US manufacturing swung to expansion in August, breaking an 18-month down trend.

This doesn’t just look like a big one-off from Cash for Clunkers either.

11 out of 18 industries reported growth including textiles, computers & electronics, electrical equipment, and appliances & components. New orders were particularly strong and inventories were reduced for the 40th consecutive month.

The breakdown below, courtesty of Econompic, shows the extent of the improvement.

ISM August

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