U.S. manufacturing activity rose in June, showing continued expansion for the 23rd consecutive month, the Institute for Supply Management said Friday.
ISM’s monthly factory index rose to a reading of 55.3, from a 53.5 reading in May, the group said. Figures over 50 indicate expansion.
The reading topped economists’ projections of a drop to 52, Bloomberg reported.
Twelve of 18 manufacturing sectors showed expansion for the month, ISM said.
ISM’s factory index measures manufacturing components of the economy.
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