Activity in the manufacturing sector expanded for the fifth consecutive month in December, according to a report released by the Institute for Supply Management on Monday, with the index of activity in the sector rising to its highest level in over three years.
The ISM said its index of activity in the manufacturing sector jumped to 55.9 in December from 53.6 in November, with a reading above 50 indicating growth in the sector. Economists had been expecting the index to increase to a reading of 54.3.
With the bigger than expected increase, the manufacturing index rose to its highest level since April of 2006, when it came in at 56.0.
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