Investing.com – Manufacturing activity in the U.S. rose more-than-expected in February, rising to the highest level since May 2004, industry data showed on Tuesday.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 61.4 in February, after rising to 60.8 in January.
Analysts had expected the ISM index of purchasing managers to advance to 60.9 in February.
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 in line with expectations in February, increasing to 82.0, after rising to 81.5 in January.
According to the data, the Employment Index was above 60.0 for only the third time in the last decade.
Norbert J. Ore, chair of the ISM Manufacturing Business Survey Committee said, “While there are many positive indicators, there is also concern as industries related to housing continue to struggle and the Prices Index indicates significant inflation of raw material costs across many commodities.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.02% to hit 1.3803.
Meanwhile, U.S. equity markets were down after the open. The Dow Jones Industrial Average shed 0.12%; the S&P 500 index fell 0.21%, while the Nasdaq Composite index declined 0.18%.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 61.4 in February, after rising to 60.8 in January.
Analysts had expected the ISM index of purchasing managers to advance to 60.9 in February.
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 in line with expectations in February, increasing to 82.0, after rising to 81.5 in January.
According to the data, the Employment Index was above 60.0 for only the third time in the last decade.
Norbert J. Ore, chair of the ISM Manufacturing Business Survey Committee said, “While there are many positive indicators, there is also concern as industries related to housing continue to struggle and the Prices Index indicates significant inflation of raw material costs across many commodities.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.02% to hit 1.3803.
Meanwhile, U.S. equity markets were down after the open. The Dow Jones Industrial Average shed 0.12%; the S&P 500 index fell 0.21%, while the Nasdaq Composite index declined 0.18%.