U.S. manufacturing activity jumped in November, showing continued expansion for a 28th consecutive month, the Institute for Supply Management said Thursday.
ISM’s monthly factory index climbed to a reading of 52.7, a five-month high, from 50.8 in October, the group said in its monthly report. Figures over 50 indicate expansion.
The reading surpassed economists’ projections of a rise to 51.8, Bloomberg reported.
New orders rose 4.3% to 56.7%, the second straight month of growth after three months of contraction.
The prices index rose 4% to 45% and the prices of raw materials fell for a second consecutive month.
ISM’s factory index measures manufacturing components of the economy.