Economic Growth

US Manufacturing Index at Two Year High

ISM

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Activity in the U.S. manufacturing sector expanded at a faster than expected rate in the month of July, according to a report released by the Institute for Supply Management on Thursday, with the index of activity in the sector jumping to its highest level in two years.

The ISM said its purchasing managers index surged up 55.4 in July from 50.9 in June, with a reading above 50 indicating growth in manufacturing activity. Economists had expected the index to climb to a reading of 53.1.