(RTTNews) - Activity in the U.S. manufacturing sector unexpectedly expanded at a faster rate in the month of April, according to a report released by the Institute for Supply Management on Tuesday, with the index of activity in the sector rising to a ten-month high.
The ISM said its purchasing managers index climbed to 54.8 in April from 53.4 in March, with a reading above 50 indicating an expansion in manufacturing activity. The increase surprised economists, who had expected the index to edge down to a reading of 53.0.
With the unexpected increase, the purchasing managers index rose to its highest level since coming in at 55.8 in June of 2011.
U.S. Manufacturing Activity Unexpectedly Expands At Faster Rate || RTT News