Manufacturing in U.S. Grew More Than Forecast in January
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Manufacturing in the U.S. expanded more than forecast in January, reaching a nine-month high and showing the industry is starting to improve.
The Institute for Supply Management’s manufacturing index climbed to 53.1 last month from December’s 50.2, the Tempe, Arizona-based group’s report showed today. Readings above 50 signal expansion. The figure exceeded the highest estimate in a Bloomberg survey of 86 economists. The median forecast was 50.7.
Stocks extended gains after the report showed gains in orders, production and factory employment after a fourth-quarter acceleration in consumer purchases and a rebound in business spending. The housing recovery and stabilization in overseas markets indicate factories may keep adding to growth in the world’s largest economy this year.
“Manufacturing is on the mend,” said Brian Jones, senior U.S. economist at Societe Generale in New York, who projected a reading of 52. “Things are getting better as we begin the year.”
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