US Manufacturing Expands At Faster Rate Than Forecast

Institute for Supply Management's index climbed to highest rating since April

Manufacturing grew in October at a faster pace than forecast, showing U.S. factories were a source of strength for the economy at the start of the fourth quarter.

The Institute for Supply Management's index climbed to 56.4, the highest since April 2011, from 56.2 a month earlier, the Tempe, Arizona-based group's report showed today. Readings above 50 indicate growth. The median forecast in a Bloomberg survey of economists was 55.