Manufacturing in the U.S. expanded at the fastest pace in more than two years as orders and production jumped, indicating more factories were growing optimistic about the second half of the year.
The Institute for Supply Management’s factory index increased to 55.4, the strongest since June 2011 and exceeding the highest projection in a Bloomberg survey of economists, after 50.9 in the prior month, the Tempe, Arizona-based group’s report showed today. Readings above 50 indicate expansion, and the median forecast of 84 economists surveyed by Bloomberg called for an advance to 52.
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