According to one report, the manufacturing sector expanded in September at its fastest pace since early 2011, an indication that economic growth is picking up in the second half of the year. The Institute for Supply Management's closely watched purchasing managers index increased to 56.2 last month, from 55.7 in August, the group said.
Manufacturing expanded in July at the fastest pace in more than two years, sparked by surges in orders and production that signal companies are growing more optimistic about the U.S. economy's prospects.
Economic activity in the manufacturing sector contracted in May for the first time since November 2012, and the overall economy grew for the 48th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.