Manufacturing expanded in November at the fastest pace in five months, indicating American producers are finding more relief in resilient domestic demand.
The Institute for Supply Management’s index increased to 53.2 from 51.9 a month earlier, the Tempe, Arizona-based group’s report showed Thursday. Readings above 50 indicate growth. The median forecast in a Bloomberg survey of economists was 52.5.
The group’s production gauge climbed to an almost two-year high, propelling the overall measure higher for a third month as manufacturers continued to rebound from a late-summer swoon. The figures also showed factories waited longer for materials to be delivered, a sign of strengthening demand.
