Manufacturing expanded faster than expected in June
Bill Pugliano/Getty
The manufacturing sector expanded faster than expected in June.
The Institute of Supply Management's manufacturing index climbed to 53.2 during the month, the highest level since February 2015. Economists had forecast a reading of 51.3 according to Bloomberg.
It was the fourth straight quarter of growth for the sector, which has remained in expansionary territory even after major headwinds from the strong dollar and weak global demand.
The new orders index rose 1.3 percentage points to 57%, the production index rose 2.1 percentage points to 54.7%, and the employment index climbed 1.2 percentage points to 50.4%.
" This report, and especially the 57.0 new orders index, supports our view that the capex crunch is over, more or less," wrote Pantheon Macroeconomics' Ian Shepherdson in a note.
NOW WATCH: MICHAEL MOORE: 'I think there’s an excellent chance' Trump will be president