U.S. Factory Activity Accelerated to Fastest Pace in More Than Two Years

Markets Dow Jones Newswires

(Reuters)

U.S. factory activity accelerated to the fastest pace in more than two years in January, a sign of momentum for a key sector of the economy. 

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The Institute for Supply Management on Wednesday said its purchasing managers index rose to 56.0 in January from 54.5 in December, the highest since it touched 57.5 in November 2014. 

A reading over 50 indicates expansion in the manufacturing sector; below 50 suggests contraction. 

Economists surveyed by The Wall Street Journal had expected a January reading of 55.0. 

By Jeffrey Sparshott

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