U.S. Manufacturing Grows

Ty Wright, Bloomberg / Getty Images

A welder builds parts for petroleum tanks at Southern Tank and Manufacturing Inc. in Owensboro, Kentucky on Aug. 28, 2012.

Finally, some good news. The Institute for Supply Management’s index of manufacturing activity grew this month, following three months of decline. The index came in at 51.5, beating 49.7, the consensus expectation among economists surveyed by Bloomberg. A number greater than 50 indicates overall expansion. The rest of the world’s manufacturing is still shrinking: euro-zone manufacturing has contracted for 14 straight months, while China’s has fallen for 11 consecutive months.