The Institute of Supply Management said today that the latest factory index for October rose at the fastest pace in more than three years. The index – which rose to 55.7 – suggests that the US economy is growing after months of contraction.
Ã¢â‚¬Å“The recovery remains firmly on track,Ã¢â‚¬Â said John Herrmann, president of Herrmann Forecasting in Summit, New Jersey, whose projection for the index to rise to 55 matched the highest expectation. Manufacturing is Ã¢â‚¬Å“laying the groundwork for a very strong inventory restocking cycle.Ã¢â‚¬Â
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