US factory activity accelerates as orders jump to more than 16-1/2-year high

WASHINGTON: U.S. manufacturing activity increased more than expected in August as new orders surged to their highest level in over 16-1/2 years, but employment at factories continued to lag amid safety restrictions intended to slow the spread of COVID-19.

The ISM said its index of national factory activity increased to a reading of 56.0 last month from 54.2 in July. That was the highest level since November 2018 and marked three straight months of growth. Fifteen industries including wood, primary metals and computer and electronic products reported growth in August. Printing and related support activities, petroleum and coal, and furniture and related products contracted.

Stocks on Wall Street were trading higher. The dollar dipped against a basket of currencies. U.S. Treasury prices rose.The ISM's forward-looking new orders sub-index increased to a reading of 67.6 in August, the strongest since January 2004, from 61.5 in July. Fifteen industries reported an increase in demand. Only one industry said orders declined. A measure of customers' inventories dropped to its lowest level since June 2010, an indication that orders could rise further.

The government's closely followed employment report to be released on Friday is expected to show 1.4 million jobs created in August after 1.763 million were added in July, according to a Reuters survey of economists. That would leave nonfarm payrolls about 11.5 million below their pre-pandemic level.

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