Posted by Audiegrl
Bloomberg News reports — Manufacturing in the U.S. probably expanded in August for the first time in 19 months, helping lead the economy out of the worst recession since the 1930s.
The Institute for Supply Management’s factory gauge increased to 50.5 from 48.9 in July, according to the median of 74 forecasts in a Bloomberg News survey. Fifty is the dividing line between expansion and contraction. Other reports may show housing is also rebounding.
The gains indicate Federal Reserve efforts to thaw credit markets together with the Obama administration’s “cash-for- clunkers” program and tax credits for first-time homebuyers are reviving demand. Factories and builders, which have accounted for half of all the jobs lost since the recession began in December 2007, may keep growing in coming months as sales rise.
I am sure most of our trusted TV outlets will not seriously feature the encouraging economic news. It’s much easier to go for the ‘shiny object‘ story of Dems fighting Dems on health care reform. So I thought that we should give the good economic news some attention on our little blog. We like to give President Obama credit, where credit is due. 😉