by Herald Staff
Turn away from the chaotic reality TV show playing out in Washington, D.C., for a moment and there is reason to celebrate. U.S. industrial production rose by a robust 0.4 percent in August, spurred by a jump in the production of automobiles, oil and natural gas. It was the third consecutive monthly increase.
According to the report released Friday by the Federal Reserve, “Manufacturing output moved up 0.2 percent on the strength of a 4.0 percent rise for motor vehicles and parts; motor vehicle assemblies jumped to an annual rate of 11.5 million units, the strongest reading since April.”
At 108.2 percent of its 2012 average, total industrial production was 4.9 percent higher in August than it was a year earlier.
As The Associated Press reported,the Institute for Supply Management said its manufacturing index rose to 61.3 in August from 58.1 in July. Anything over 50 points toward expansion and economic growth.
We must give President Trump the lion’s share of credit for this good economic news. Massive deregulation has greased the skids and tax cuts have encouraged capital investment as well as buying power for consumers.
We’d like to see wages increase but all in all, so far so good.
