4 Promising Industrial Stocks To Improve Your Finances
Zacks Investment Research | Sep 18, 2017 10:17PM ET
Latest report by the Institute for Supply Management (ISM) reveals that August witnessed the strongest manufacturing activity in more than six years. The ISM Manufacturing Index was pegged at 58.8% this August, up 2.5 percentage points from July and represented the highest level recorded since April 2011.
Notably, the manufacturing index has been well above 50% in the past year. On a broader note, industrial production — a measure of the level of output of manufacturing, mining and utilities sectors in a country — grew at an annual rate of 4.7% in the second quarter. In July, industrial production climbed 2.2%, supported by 1.2% growth in manufacturing industry and 10.2% in mining, partially offset by 0.6% fall in utilities.
Also, Gross Domestic Product (GDP) of the United States grew at an annualized rate of 3% in second-quarter 2017, the strongest growth registered since first-quarter 2015. The country’s GDP in the first quarter had advanced 1.4%.
Such an upbeat reading comes at a favorable time when manufacturers have added a record number of jobs, both in the public and private sectors. This boost in jobs reflects one of the key campaign promises of the Trump administration.
With this in mind, adding stocks from the industrial sector could be a promising move for your portfolio at this moment.
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