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 “sentiment was generally optimistic” among manufacturers. The continued improvement in manufacturing despite skyrocketing coronavirus cases, especially in the densely populated South and West regions where authorities in hard-hit areas are closing businesses again and pausing reopenings, is encouraging.
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. The ISM’s forward-looking new orders sub-index increased to a reading of 61.5 in July, the highest since September 2018, from 56.4 in June. The survey’s measure of order backlogs at factories rebounded as did orders for exports.
Lack of demand has been highlighted by major manufacturers. Caterpillar Inc last week reported lower second-quarter earnings. The heavy equipment maker, a bellwether for economic activity, said retail sales declines would not worsen in the current quarter, but did not expect them to improve either. According to a Reuters survey of economists, nonfarm payrolls likely increased by 1.6 million jobs last month after a record 4.8 million in June. The Labor Department is scheduled to release July’s employment report on Friday.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
California COVID-19 cases spiked after July 4th. Family gatherings helped the spread, experts say.Experts say more restrictions could be needed, but county and state health officials won't say what their plans are for the coming weeks
Weiterlesen »
Mexican president sees remittances up nearly 7% in June, JulyMexico likely continued to enjoy robust growth in remittances in June and July in spite of the economic slump sparked by the coronavirus crisis, President Andres Manuel Lopez Obrador said on Saturday.
Weiterlesen »
U.S. records over 25,000 coronavirus deaths in JulyU.S. coronavirus deaths rose by over 25,000 in July and cases doubled in 19 states during the month, according to a Reuters tally, dealing a crushing blow to hopes of quickly reopening the economy.
Weiterlesen »
Impacts of Google's decision to extend remote work to July 2021 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Weiterlesen »
Fires in Brazil's Amazon up 28% in July, worrying expertsFires in the Brazilian Amazon increased 28% in July from a year ago, according to a new report from a state agency. Environmentalists expressed concern at the rise because August traditionally marks the beginning of the fire season in the region.
Weiterlesen »
Russian oil output rises to 9.37 million bpd in July: InterfaxRussian oil and gas condensate production increased to 9.37 million barrels per day (bpd) in July from 9.32 million bpd in June, Interfax news agency reported on Sunday, citing energy ministry data.
Weiterlesen »