FINdex Down Despite Brisk U.S. Manufacturing
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While U.S. manufacturing grew in August “at the strongest pace in more than three years,” according to the Associated Press, publicly-traded fastener company shares did not fare well.
The FIN Fastener Stock Index has lost 4% of its overall value since July 1, compared to a 1.8% gain by an index of related industrial stocks.
Despite lackluster returns for investors, economic indicators point to an improved U.S. economy. In July the Institute for Supply Management’s manufacturing index rose from 57.1 to 59 — the highest reading since March 2011.
“The U.S. economy is on a notably firmer growth track this summer, even if consumers are riding in the caboose,” commented BMO Capital Markets economist Sal Guatieri.
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