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