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Manufacturing in U.S. Expands at Faster Rate Than Forecast
Manufacturing expanded at a faster pace than projected in February, a sign the industry was beginning to overcome bad weather across much of the U.S. The Institute for Supply Management’s manufacturing index rose to 53.2 last month from 51.3 in January, the Tempe, Arizona-based group reported today. Readings above 50 signal expansion. The median forecast of 81 economists surveyed by Bloomberg was 52.3. A gain in orders showed companies were gaining confidence that demand will pick up from a weather-related lull that slowed the economy at the start of the year. The pace of manufacturing will depend on consumers’ ... (full story)