U.S. factory activity expanded quickly in February, the latest sign the economy is gaining momentum.
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The Institute for Supply Management said Wednesday its closely watched manufacturing index rose to 57.7 in February from a month earlier, when it reached a two-year high of 56. A reading above 50 indicates expansion in the manufacturing sector.
Economists surveyed by The Wall Street Journal expected a February reading of 56.
The report showed a measure of new orders at factories climbed nearly 5 points to 65.1. A measure of hiring cooled but remained at a level suggesting steady expansion.
By Josh Mitchell