The Institute for Supply Management said its July manufacturing index surged to a reading of 55.4% vs. 50.9% in June. That's the highest level since August 2011. Economists polled by MarketWatch had expected a reading of 52.0%. The new-orders component rose 6.4 points to 58.3%, the production index jumped 11.6 points to a nine-year high of 65%, and the employment index leaped 5.7 points to 54.4%. Any reading over 50% indicates expansion. (full story)