U.S. manufacturing grew at a faster pace in April and registered its 33rd consecutive month of expansion, according to the Institute for Supply Management.
The ISM’s manufacturing purchasing managers’ index rose to 54.8 from 53.4 in March. Sixteen of the 18 industries measured by the survey showed growth. The only industry group showing contraction was wood products.
A reading above 50 indicates expansion. A figure lower than 50 means manufacturers are reducing inventories.
The ISM’s production index climbed to 61 in April from 58.3 in March and was the highest since March 2011. The new orders measure increased to 58.2, a one-year high, from 54.5 in March. The survey’s export orders index rose to 59 from 54. The employment gauge rose to a 10-month high of 57.3 from 56.1.
The index of unfilled orders fell to 49.5 from 52.5. The inventory index dropped to 48.5 to 50, while the customer inventories index rose to 45.5 from 44.5.