(RTTNews) - Following sixteen consecutive months of contraction, the Institute for Supply Management released a report on Monday unexpectedly showing modest growth in U.S. manufacturing activity in the month of March.
The ISM said its manufacturing PMI jumped to 50.3 in March from 47.8 in February, with a reading above 50 indicating growth in the sector. Economists had expected the index to inch up to 48.4.
With the much bigger than expected increase, the index returned to expansion territory for the first time since September 2022.
