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Factories' Activity Up, But Still No New Jobs In ISM's Aug. Survey; Production Best In 4 Years; Productivity gains, China cited for lack of new jobs; experts see hiring ahead.(A)
Byline: JED GRAHAM
U.S. factories ramped up production in August at the fastest pace in four years, but continued to cut workers, the Institute for Supply Management said Tuesday.
The ISM's manufacturing activity index rose to 54.7 from 51.8 in July, the best reading of the year and the second straight month above the break-even 50 level after four months of contraction.
The index's production component jumped to 61.6 -- the best since June 1999 -- from 53.3. The new orders gauge rose 3 points to 59.6, the highest since January.
Major stock indexes all rose over 1% to their highest levels since mid-2002. But Treasuries dived, with the yield on the 10-year rising 13 basis points to 4.60%.
Increasing orders, along with deeper inventory cuts, suggests output should keep rising and factory employment could begin to stabilize, economists said.
A gauge of inventories fell to 42.5 from 45.9 in July, indicating that inventory liquidation accelerated last month.
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