Manufacturing in the United States grew in August at its fastest rate since 2011, according to a new report.
The Institute for Supply Management (ISM) reported Tuesday that its index of manufacturing activity climbed 1.9 percent to 59 percent, the highest level since March 2011. Manufacturing activity has climbed for 15 straight months, according to the ISM.
{mosads}A reading above 50 in the report indicates expansion in manufacturing, and the August result came in ahead of economist expectations, which primarily expected numbers to remain flat from July’s 57.1 percent or decline slightly. Of the 18 industries tracked by the index, 17 reported an uptick in activity during August.
The strong manufacturing number is the latest in a series of solid data about the economy, with weeks to go before the midterm election.
On Thursday, the government reported that the economy grew at a rate of 4.2 percent in the second quarter of the year.