Manufacturing slump nearing an end?
The Institute for Supply Management's Report on Business found the manufacturing sector expanding in July for the first time in five months. ISM's New Order Index, considered a leading indicator credited with leading the economy by 60-90 days, was up significantly in July. That same month, the Federal Reserve Board recorded a gain of 0.2 percent for U.S. factories, their third consecutive monthly increase. Capacity utilization also increased slightly in July, rising to 72.8 percent from 72.7 percent for manufacturing.