April ISM Factory Index Gains

The Institute for Supply Management’s April manufacturing index rose at the fastest pace in almost a year, ISM said Tuesday.

ISM’s factory index rose to 54.7 from 50.9 in March, the group said. Readings above 50 indicate expansion.

The index measures U.S. manufacturing activity. Economists had predicted it would rise to 51, Bloomberg reported.

The production index rose to 57.3 from 53, and prices-paid index fell to 65.5 from 73, ISM said.