MW: U.S. ISM manufacturing index rises to 6-year high
WASHINGTON (MarketWatch) - The U.S. manufacturing sector expanded for an eighth straight month in March, boosted by stronger orders and production, the Institute for Supply Management reported Thursday.
The ISM manufacturing diffusion index rose to 59.6% in March from 56.5% in February, the ISM said. It was the highest reading since July 2004.
Seventeen of 18 industries were growing in March, the private group said.
The orders and production indexes rose above 61%. The employment index slipped to 55.1%.
Economists surveyed by MarketWatch were looking for the index to strengthen to 57.5%. See our complete economic calendar and consensus forecast.
Readings over 50% in the ISM indicate that more firms said business was improving than said it was worsening.
In a separate report, the Commerce Department said construction spending declined 1.3% in February, in line with expectations.
