Economics
U.S. Manufacturing Surges Most Since 1983, Underscoring Rebound
- ISM’s gauge exceeds forecasts on firmer orders, production
- Order backlogs at a record; customer inventories shrink
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U.S. manufacturing expanded in March at the fastest pace since 1983, catapulted by the firmest orders and production readings in 17 years. The data add to evidence of an economy poised to accelerate.
A gauge of factory activity jumped to 64.7 from 60.8 a month earlier, according to Institute for Supply Management data released Thursday. Index levels above 50 indicate expansion and the March figure topped all but one estimate in a Bloomberg survey of economists.