Oct 02, 2013
The U.S. manufacturing sector expanded last month at its fastest pace in almost 2-1/2 years, an industry report showed on Tuesday. The Commerce Department's construction spending report, which had been expected at 10 a.m. EST, was delayed due to the government's partial shutdown.
The Institute for Supply Management (ISM) said its index of national factory activity rose to 56.2 in September from 55.7 in August, marking its highest level since April, 2011. The report showed that firms added the most workers in 15 months during September.
Economists polled by Reuters had expected September's index to slip to 55. A reading above 50 indicates expansion.
Employment jumped to 55.4, its highest since June, 2012. It stood at 53.3 in August. The forward-looking new orders index, however, slipped to 60.5 from 63.2.
Economists forecast U.S. employers added 180,000 new jobs last month after hiring 169,000 workers in August.