The pace of U.S. manufacturing growth rose in May, rebounding off its slowest pace in almost two years as new orders and employment rebounded, according to an industry report released on Monday.
Continue Reading Below
The Institute for Supply Management (ISM) said its index of national factory activity was 52.8 in May, up from April's reading of 51.5, which had tied with March's reading as the lowest since May 2013. The reading topped expectations of 52.0, according to a Reuters poll of economists.
A figure above 50 indicates expansion in the manufacturing sector. This was the 30th consecutive reading at or above 50.
The employment index returned to expansionary territory after a month of contraction, rising to 51.7 from 48.3 in April. The new orders index had its best month since December, rising to 55.8 from 53.5 in April, while the prices paid index had its best month since October, surging to 49.5 from 40.5 in April. Analysts were looking for 43.0 for the prices paid index.
(Reporting by Ryan Vlastelica; Editing by Chizu Nomiyama)