A key aim of Donald Trump’s economic policies–the revival of American manufacturing–got a boost Tuesday when a new report showed that factory activity expanded at the strongest pace in more than 14 years.
The Institute for Supply Manuagement said its manufacturing index for August rose to 61.33, defying predictions that it would sink because of trade disputes.
August’s reading was the highest since May of 2004. In July, the index read 58.1.
The performance of the American economy has consistently defied forecasts based on the idea that trade disputes would cost jobs, slow the economy, or raise consumer prices.
On data, the US ISM manufacturing index just came in at 61.3, well above expectations
— Mohamed A. El-Erian (@elerianm) September 4, 2018