U.S. manufacturing activity improved in October, the Institute for Supply Management said Monday.
ISM鈥檚 monthly factory index rose to a reading of 56.9, from 54.4 in September, the group said. Figures greater than 50 indicate expansion.
The reading beat economists鈥 forecasts of a decline to a 54 reading, Bloomberg reported.
Both new orders and production making significant gains in October, said Norbert Ore, chair of ISM鈥檚 business survey committee, who added that since hitting a peak in April, the trend for manufacturing has been toward slower growth.
鈥淗owever, this month鈥檚 report signals a continuation of the recovery that began 15 months ago, and its strength raises expectations for growth in the balance of the quarter,鈥 he said in a statement.
The ISM factory index measures manufacturing components of the economy.
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