Investing.com - Manufacturing activity in the U.S. expanded at the fastest rate since April 2011 in September, fuelling optimism over the U.S. economic recovery, industry data showed on Tuesday.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 56.2 in September from a reading of 55.7 in August.
Analysts had expected the ISM index of purchasing managers to fall to 55.0 last month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices rose to 56.5 last month from 54.0 in August. The New Orders Index decreased in September by 2.7 points to 60.5, while the Employment Index registered 55.4, an increase of 2.1 points compared to August's reading of 53.3.
Following the release of the data, the U.S. dollar trimmed losses against the euro, with EUR/USD adding 0.1% to trade at 1.3538.
Meanwhile, U.S. equity markets were marginally higher after the open. The Dow Jones Industrial Average rose 0.1%, the S&P 500 index advanced 0.3%, while the Nasdaq Composite index tacked on 0.4%.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 56.2 in September from a reading of 55.7 in August.
Analysts had expected the ISM index of purchasing managers to fall to 55.0 last month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices rose to 56.5 last month from 54.0 in August. The New Orders Index decreased in September by 2.7 points to 60.5, while the Employment Index registered 55.4, an increase of 2.1 points compared to August's reading of 53.3.
Following the release of the data, the U.S. dollar trimmed losses against the euro, with EUR/USD adding 0.1% to trade at 1.3538.
Meanwhile, U.S. equity markets were marginally higher after the open. The Dow Jones Industrial Average rose 0.1%, the S&P 500 index advanced 0.3%, while the Nasdaq Composite index tacked on 0.4%.