US Manufacturing Grows At Fastest Pace Since June [View all]

[babylonsister]

US Manufacturing Grows At Fastest Pace Since June
May 1st, 2012 4:09 pm Associated Press


WASHINGTON (AP) — U.S. manufacturing grew last month at the fastest pace in 10 months. New orders, production and a measure of hiring all rose.

The strength at U.S. factories suggests the economy is healthier than recent data had indicated. That’s a hopeful sign ahead of Friday’s report on hiring in April.

The Institute for Supply Management, a trade group of purchasing managers, said Tuesday that its index of manufacturing activity reached 54.8 in April. That’s the highest level since June and up from 53.4 the previous month. Readings above 50 indicate expansion.

The report, which exceeded analysts’ expectations, led investors to shift money out of bonds and into stocks. The flurry of stock buying put the Dow Jones industrial average on track for its highest close in more than four years.

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