Story Highlights: Manufacturing in the U.S. expanded in October at the fastest pace in more than three years, a sign that factories will be the main drivers of the economic recovery in coming months.

Bloomberg:  Factories in the U.S. probably grew at a faster pace, while the number of people signing contracts to buy houses showed no improvement, signaling a shift to manufacturing as the driver of the expansion, economists said before reports today.

The Institute for Supply Management’s manufacturing index rose to 53 in October, the highest level in three years, according to the median forecast of 62 economists surveyed by Bloomberg News. Another report may show pending home sales in September were unchanged, the first time since January they didn’t increase. Read full story here

ECONOMIC NEWS:  Bloomberg.com

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Chinese Manufacturing Expands at Fastest Pace in 18 Months, Surveys Show Chinese manufacturing data for October showed the nation’s recovery strengthening and export orders climbing, giving policy makers more room to pare stimulus measures in coming months.

Pending Sales of Existing Homes in U.S. Rise 6.1% Amid Tax-Credit Deadline The number of contracts to buy previously owned homes in the U.S. rose in September for an eighth straight month as Americans rushed to meet a deadline for a home-buyer tax credit.

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Friday, April 10th, 2009

Posted by:  BBParks

Sept. 15 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke said the worst U.S. recession since the 1930s has probably ended, while warning that growth may not be strong enough to quickly reduce the unemployment rate.

“Even though from a technical perspective the recession is very likely over at this point, it’s still going to feel like a very weak economy for some time,” Bernanke said today at the Brookings Institution in Washington, responding to questions after a speech.

The remarks are Bernanke’s most explicit statement that the contraction that began in December 2007 is over. They echoed comments yesterday by San Francisco Fed President Janet Yellen and followed a report today showing retail sales rose last month by the most in three years, adding to evidence of a recovery. Read full story here

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