U.S. factory activity surged to a more than 13-year high in September amid strong gains in new orders and raw material prices, pointing to underlying strength in the economy even as Hurricanes Harvey and Irma are expected to dent growth in the third quarter.
The economic outlook was also bolstered by other data on Monday showing a rebound in construction spending in August. The acceleration in manufacturing activity and the accompanying increase in prices could harden expectations that the Federal Reserve will raise interest rates in December.
The Institute for Supply Management (ISM) said its index of national factory activity surged to a reading of 60.8 last month, the highest reading since May 2004, from 58.8 in August.
U.S. economic output grew at a 3.1% annual rate in the second quarter, slightly stronger than previously thought and marking the best growth in two years.
The estimate, based on revised data released by the Commerce Department on Thursday, replaces a previous tally of 3% growth. Economists surveyed by The Wall Street Journal had expected the estimate to remain 3%.
San Francisco’s epidemic of car burglaries may be spreading even faster than the already alarming 28 percent increase reported by police this year.
Statistics obtained from the city’s 911 center show it received 25,031 calls about auto break-ins during the first six months of 2017 — 7,061 more than the 17,970 reported by police.
The difference is that car-burglary victims’ first reaction is often to call 911 — but they don’t always follow through by filing an online report, and the cops don’t send anyone to the scene unless a smash-and-grab is in progress.
The technology hub of San Francisco surpassed the nation’s capital last year as the highest-earning large U.S. metropolitan area. Median household income in the San Francisco metro area in 2016 was $96,667, just ahead of the $95,843 figure for the Washington region, the Census Bureau announced Thursday. That put the California hotspot in first place among the 25 most populous metro areas, with the capital falling to the No. 2 slot. The median income for the San Francisco area, including nearby cities such as Oakland and Berkeley, has surged in recent years amid a tech-sector boom and jumped 9.2% in 2016. Incomes in the Washington area, including parts of Maryland and northern Virginia, rose a more modest 2.7% from 2015.
The U.S. economy expanded at its most robust pace in more than two years in the spring and appears to have momentum going into the second half of the year, supported by solid consumer spending and a pickup in business investment.
Gross domestic product, a broad measure of the goods and services produced across the U.S., rose at a seasonally and inflation-adjusted annual rate of 3% in the second quarter, the Commerce Department said Wednesday. That was the strongest quarter in more than two years and some forecasters expect growth will remain around that pace in the third quarter.