Factory production tops forecasts as sector expands in August but employment still weak.
September 2, 2003: 10:24 AM EDT
NEW YORK (CNN/Money) - The manufacturing sector expanded in August but layoffs in the industry accelerated in the latest report showing a jobless economic rebound, a group of purchasing managers reported Tuesday.
The Institute for Supply Management, formerly known as the NAPM, said its August manufacturing index rose to 54.7, the highest since December last year, from 51.8 the prior month. That beat economists' forecasts for a rise to 53.8. Any reading above 50 shows growth.
The index's components pointed to the latest burst of factory activity picking up steam. New orders for goods poured in at a faster pace, and as a result manufacturers boosted production to the highest level since June 1999.
But factory owners increased layoffs, a trend in place for nearly three years that has led to about 2.6 million job losses in the hard-hit sector.
The news came as Treasury Secretary John Snow visited Beijing to press China about its managed currency policy U.S. manufacturers blame for stealing jobs
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