NEW YORK (CNNMoney.com) -- While everyone's been worried about a double-dip recession, the manufacturing sector has been on a quiet tear, expanding in August for the 13th straight month, the Institute for Supply Management said Wednesday.
Economist Paul Ashworth of Capital Economics called the report "a rare piece of good news."
The manufacturing index hit 56.3 in August, up from July and well ahead of expectations. Any reading above 50 signals growth; a drop below 41.2 is associated with a recession in the broader economy.
In a research note, Ashworth said he was "worried about an even bigger drop" than the predictions because regional manufacturing surveys showed "sharp deterioration" in August.
Economist Ian Shepherdson of High Frequency Economics was also worried about trends in the sector. In a research note, Shepherdson said the report was "a very big and pleasant surprise," but he warned the index has further to fall and investors should "enjoy this while it lasts."
China's manufacturing sector also picked up in August, according to a pair of reports released earlier Wednesday, calming fears about the pace of that country's growth.
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