U.S. manufacturing activity’s rate of expansion rose in August, the Institute for Supply Management said Tuesday.
ISM’s monthly factory index increased to a 55.7 reading from 55.4 in March, the group said in its monthly report.
Figures of more than 50 indicate expansion, while figures below that level show contraction.
The index topped economists’ median forecast of a 54 reading, Bloomberg News reported.
The new orders index rose to a 63.2 reading — the highest since April 2011 — from 58.3 in July. The prices-paid index rose to 54 from 49.
ISM’s factory index measures manufacturing components of the economy.