U.S. manufacturing activity rose in February, the Institute for Supply Management said Friday.
ISM’s monthly factory index rose to a reading of 54.2 from 53.1 in January, the group said.
Figures lower than 50 indicate contraction, while figures of more than 50 show expansion.
The reading topped economists’ median forecast of a 52.5 reading, Bloomberg News reported.
The production index gained 4 points to 57.6, while new orders rose 4.5 points to 57.8. Prices rose 5 points to 61.5, while order backlogs jumped 7.5 points a 55 reading.
The ISM factory index measures manufacturing components of the economy.