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Manufacturing in U.S. Unexpectedly Expands at Faster Pace

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Manufacturing unexpectedly expanded at a faster pace in May, helped by an increase in orders that signals U.S. factories are rebounding from an early-2016 slump.

The Institute for Supply Management’s index climbed to 51.3 from 50.8 in April, figures from the Tempe, Arizona-based group showed Wednesday. The median forecast in a Bloomberg survey of 81 economists called for 50.3. Readings greater than 50 indicate growth.