Investing.com - The rate of growth in the economy's manufacturing sector unexpectedly picked up in November, according to a report released on Monday.
The Institute of Supply Management said its manufacturing purchasing managers' index rose to 59.3 in November, from 57.7 the previous month.
Economists had forecast a reading of 57.6.
A reading above 50 for the index indicates expansion in the sector, and a reading below 50 signals contraction.
The new orders index rose to 62.1 in November from 57.4 a month earlier.
The employment index increased to 58.4 last month from the prior 56.8. Economists had predicted a drop to 56.5.
The prices paid index decreased to 60.7 in November, from the previous reading of 71.6. Analysts had forecast the reading to fall to 70.0.
Timothy Fiore, chairman of the ISM business survey committee, highlighted that demand remained strong, while customers’ inventories were declining and remained “too low”.
“The manufacturing community continues to expand, with November adding positively to the three-month rolling PMI average,” Fiore commented.