Factories Grew More Slowly Last Month, but Remain Strong
WASHINGTON& (AP) – American factories grew more slowly last month, but U.S. manufacturing remains healthy.
The Institute for Supply Management, a trade group of purchasing managers, said Wednesday that its manufacturing index dipped to 58.7 in October from a 13-year high 60.8 in September. Anything above 50 signals that U.S. factories are expanding. Manufacturers are on a 14-month winning streak.
New orders, production, hiring and export orders all grew, though more slowly.
Sixteen of 18 industries reported growth in October, led by paper producers.
Factories are benefiting from stronger growth in the U.S. and around the world and from a weaker dollar, which makes American products less expensive in foreign markets.
Court Upholds Approvals of 3 Projects to Export Natural Gas
WASHINGTON (AP) – A federal appeals court has upheld Energy Department decisions approving three projects to export liquefied natural gas. It’s a boost for the Trump administration’s strategy to promote gas exports. The Sierra Club wanted to overturn approvals of export terminals in Maryland, Louisiana and Texas. The group said the projects would increase air and water pollution and contribute to global warming. But the District of Columbia-based appeals court has rejected that challenge.
Trump Signs Gop Repeal of Consumer Banking Rule
WASHINGTON (AP) – President Donald Trump on Wednesday signed the repeal of a banking rule that would have allowed consumers to join together to sue their bank or credit card company to resolve financial disputes. The president signed the measure at the White House in private. Journalists were not present to witness the signing. The Republican-led Senate narrowly voted to repeal the Consumer Financial Protection Bureau’s regulation, which the banking industry had been seeking to roll back.