Manufacturing in the Chicago area expanded in August for the fourth straight month as employment rose for the first time in more than two years, the National Association of Purchasing Management-Chicago said Friday.
NAPM’s factory index increased to 58.9 from 55.9 July, its highest reading since May 2002. Readings have been greater than 50, meaning mean business expanded at the region's factories, since May.
Manufacturing is one of trucking’s largest and most important customers. Investors and economists watch the report for clues about the direction of U.S. manufacturing because the Chicago region has more factory jobs than any other metropolitan area, Bloomberg reported.
The report's employment index increased to 51.2 from 46 in July. Last month's was the first reading indicating expansion in factory jobs since 51 in March 2000.
The index of new orders slipped to 60.5 from 61.7, which was the highest since November. The production index increased to 61.6 from 58.4, while the index of order backlogs jumped to 51 from 49.4.
he inventories index rose to 49.8 from 39.4. Manufacturers have been cutting stockpiles since March 2000, the longest stretch since the group began keeping records in January 1946, Bloomberg said.
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