Investing.com - Manufacturing activity in the U.S. improved more-than-expected in October, growing at the fastest rate in five months, industry data showed on Thursday.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 51.7 in October from a reading of 51.5 in September.
Analysts had expected the ISM index of purchasing managers to decline to 51.2 in October.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices fell to 55.0 from 56.5 in September.
The New Orders Index registered 54.2, while the Employment Index registered 52.1.
Following the release of the data, the U.S. dollar remained modestly lower against the euro, with EUR/USD adding 0.08% to trade at 1.2970.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 1%, the S&P 500 index gained 0.75%, while the Nasdaq Composite index advanced 1.05%.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 51.7 in October from a reading of 51.5 in September.
Analysts had expected the ISM index of purchasing managers to decline to 51.2 in October.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices fell to 55.0 from 56.5 in September.
The New Orders Index registered 54.2, while the Employment Index registered 52.1.
Following the release of the data, the U.S. dollar remained modestly lower against the euro, with EUR/USD adding 0.08% to trade at 1.2970.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 1%, the S&P 500 index gained 0.75%, while the Nasdaq Composite index advanced 1.05%.