U.S. manufacturing activity strengthened sharply in September, with factories reporting their fastest growth in output in more than four years as new orders and hiring accelerated, according to a survey released Wednesday.
\n\nThe S&P Global flash manufacturing purchasing managers’ index jumped to 57.0 from 53.9 in August, far above the 53.6 reading economists had expected. A reading above 50 indicates an improvement in business conditions from the previous month. September’s reading was the highest since May 2022.
\n\nThe gain extended beyond the headline index. The survey’s measure of factory output rose to 56.7 from 53.1, its highest level since April 2022. Manufacturers reported their strongest growth in new orders since that month, while factory employment increased at its fastest pace since February 2021. Inventories also rose at a quicker rate.
\n\nThe figures point to a strong September for factories after a softer August in the government’s production data. Federal Reserve figures released last week showed manufacturing output fell 0.3 percent in August, its first monthly decline this year. The purchasing managers’ survey measures changes reported by companies in September, giving an early indication of whether that decline persisted.
\n\nThe September improvement was accompanied by a surge in services activity. S&P…
Original source: https://www.breitbart.com/economy/
