May manufacturing grew at surprisingly faster pace

Washington

MANUFACTURING unexpectedly expanded at a faster pace in May, helped by an increase in orders that signals US factories are rebounding from an early-2016 slump.

The index of the Institute for Supply Management (ISM) climbed to 51.3 from 50.8 in April, figures from the Tempe, Arizona-based group showed on Wednesday. The median forecast in a Bloomberg survey of 81 economists called for 50.3. Readings greater than 50 indicate growth.