Investing.com - Manufacturing activity in the U.S. expanded at the fastest rate since April 2011 in July, easing concerns over the U.S. economic recovery, industry data showed on Thursday.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 55.4 in July from a reading of 50.9 in June.
Analysts had expected the ISM index of purchasing managers to rise to 52.0 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 fell to 49.0 from 52.5 in June. The New Orders Index registered 58.3 in July, while the Employment Index rose to 54.4.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.48% to trade at 1.3238.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.9%, the S&P 500 index climbed 1.1%, while the Nasdaq Composite index rallied 0.9%.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 55.4 in July from a reading of 50.9 in June.
Analysts had expected the ISM index of purchasing managers to rise to 52.0 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 fell to 49.0 from 52.5 in June. The New Orders Index registered 58.3 in July, while the Employment Index rose to 54.4.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.48% to trade at 1.3238.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.9%, the S&P 500 index climbed 1.1%, while the Nasdaq Composite index rallied 0.9%.