Investing.com - Manufacturing activity in the U.S. expanded at the fastest rate since April 2011 in November, fuelling optimism over the U.S. economic recovery, industry data showed on Monday.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 57.3 in November from a reading of 56.4 in October.
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 New Orders Index increased in November by 3.0 points to 63.6, and the Production Index increased by 2.0 points to 62.8. The Employment Index registered 56.5, an increase of 3.3 points compared to October's reading of 53.2.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.39% to trade at 1.3537, compared to 1.3548 ahead of the data.
Meanwhile, U.S. equity markets were mixed after the open. The Dow Jones Industrial Average dipped 0.2%, the S&P 500 index eased down 0.1%, while the Nasdaq Composite index tacked on 0.1%.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 57.3 in November from a reading of 56.4 in October.
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 New Orders Index increased in November by 3.0 points to 63.6, and the Production Index increased by 2.0 points to 62.8. The Employment Index registered 56.5, an increase of 3.3 points compared to October's reading of 53.2.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.39% to trade at 1.3537, compared to 1.3548 ahead of the data.
Meanwhile, U.S. equity markets were mixed after the open. The Dow Jones Industrial Average dipped 0.2%, the S&P 500 index eased down 0.1%, while the Nasdaq Composite index tacked on 0.1%.