Investing.com - Manufacturing activity in the U.S. expanded at the fastest rate since April 2011 in August, 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 55.7 in August from a reading of 55.4 in July.
Analysts had expected the ISM index of purchasing managers to fall to 54.0 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 54.0 last month from 49.0 in July. The New Orders Index registered 63.2 in August, while the Employment Index fell to 53.3 from 54.4 in July.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.34% to trade at 1.3148.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.6%, the S&P 500 index climbed 0.9%, while the Nasdaq Composite index rallied 1.1%.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 55.7 in August from a reading of 55.4 in July.
Analysts had expected the ISM index of purchasing managers to fall to 54.0 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 54.0 last month from 49.0 in July. The New Orders Index registered 63.2 in August, while the Employment Index fell to 53.3 from 54.4 in July.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.34% to trade at 1.3148.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.6%, the S&P 500 index climbed 0.9%, while the Nasdaq Composite index rallied 1.1%.