US factory activity unexpectedly expanded in March for the first time since September 2022 on a sharp rebound in production and stronger demand, while input costs climbed. The Institute for Supply Management’s manufacturing gauge rose 2.5 points to 50.3 last month, according to data released Monday. While barely above the level of 50 that separates expansion and contraction, it halted 16 straight months of shrinking activity. The March index exceeded all estimates in a Bloomberg survey of economists. Production snapped back sharply from a month earlier with a gain of 6.2 points that was the largest since mid-2020. At ... (full story)