U.S. manufacturing activity accelerated in April, the Institute for Supply Management said Tuesday.
ISM’s monthly factory index rose to a reading of 54.8, from 53.4 in March, the group said in its monthly report. Figures over 50 indicate expansion.
The index reading topped economists’ projections of decline to a 53, Bloomberg reported.
The new orders, production and employment indexes all improved, and April marked the index’s 33rd straight month of expansion.
ISM’s factory index measures manufacturing components of the economy.