The factory sector in the US Midwest region grew this month at its fastest pace in more than two years, the latest sign of brightening in the manufacturing industry.
The Institute for Supply Management-Chicago’s purchasing managers’ index climbed to 57.7 this month, from 57.4 the previous month, marking the highest level since January 2015. Wall Street economists expected it to slip to 56.9.
Readings above 50 point to expansion, while those below indicate contraction.
The manufacturing sector has revved up substantially since the beginning of last year, when a collapse in demand from the energy sector weighed heavily.