PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: JakeStraw who wrote (451550)	9/2/2003 10:49:48 AM
From: sylvester80	Read Replies (1) of 769667

"U.S. manufacturers are accelerating layoffs, indicating the job market remains very weak and showing a jobless economic rebound, a report showed on Tuesday." biz.yahoo.com NEW YORK (Reuters) - U.S. manufacturing growth accelerated in August, with factory owners hiking production to its highest level in more than three years but stepping up the pace of layoffs in the latest report showing a jobless economic rebound. The Institute for Supply Management said on Tuesday 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 U.S. 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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