U.S. manufacturers expanded at a faster pace in November as new orders surged. This is a positive sign for the economy.
The Institute for Supply Management, an association of purchasing managers, stated its manufacturing index rose to 59.3 last month from 57.7 in October.
Out of 18 industries, 13 reported growth last month, including computer and electronic products, textiles, food and beverages and transportation equipment.
The gains suggest solid growth for factories during the first quarter of 2019.
“It says Q1 should be pretty good, especially January and February,” said Timothy Fiore, chair of the ISM manufacturing business survey committee.