NEW YORK – The U.S. manufacturing sector expanded in March at its strongest pace in 5 1/2 years, a private trade group said Thursday, as industrial companies continue to lead the recovery from the recession.
The Institute for Supply Management, a trade group of purchasing executives, said its gauge of industrial companies rose to 59.6 in March from 56.5 in
February. It is the eighth straight month of expansion and the fastest growth since July 2004, when the index was 59.9.
Economists polled by Thomson Reuters had expected the measure to read 57.
A level above 50 indicates growth.
