U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections, which is raising fears about the sustainability of a budding economic recovery.
FILE PHOTO: Jamison Spurlock pushes a mini-bike forward on an assembly line at motorcycle and go-kart maker Monster Moto in Ruston, Louisiana January 25, 2017. REUTERS/Nick Carey
The ISM said “manufacturing continued its recovery after the disruption caused by the coronavirus pandemic,” and added that “sentiment was generally optimistic” among manufacturers, continuing a trend from June. The economy suffered its biggest blow since the Great Depression in the second quarter, with gross domestic product contracting at its sharpest pace in at least 73 years.
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