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The pace of US manufacturing sector growth climbed in January to its highest level in more than two years, highlighting the sector’s rebound from a choppy 2016.
The Institute for Supply Management’s manufacturing gauge rose to 56 last month, from 54.5 in December. That came in ahead of Wall Street estimates calling for 55 and significantly above the 50-line that separates expansion from contraction.
The reading is the latest evidence to suggest the sector has picked up steam after a rocky 2016, when it contracted at the start of the year amid a pullback in demand from the energy sector.
The report also pointed to rising inflationary pressures, with the prices paid index notching its highest reading since May 2011.