Another sign that the economy is not cooling off despite Federal Reserve rate hikes. | Economy
The manufacturing sector in the mid-Atlantic region expanded in August for the first time in a year, a key survey indicated on Thursday.
The index of general activity rose from a reading of minus 13.5 in July to positive 12.0 in August. This was much better than the -10 expected by Wall Street. The range of estimates in the Econoday survey started as low as -19.4 and went only to -6.8. No forecasters in the survey predicted the index would cross into positive territory indicating growth.
There was a small decline in the measure of employment, indicating that on balance payrolls contracted. Over 18 percent of manufacturers reported falling employment and 12 percent reported rising employment. Most reported no change.
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