Manufacturing expanded in February at the fastest pace since August 2014. The Institute for Supply Management reports order backlogs jumped to 57 from 49.5.
The Institute for Supply Management’s index climbed to 57.7, the sixth straight advance, from 56 a month earlier, the group’s report showed March 1. Readings above 50 indicate growth. The median forecast in a Bloomberg survey of economists was 56.2.
The ISM’s gauge of orders increased to the highest level in just over three years, while an index of production posted its best reading since March 2011. The data were preceded by recent regional indicators showing similar strength that has prevailed since the presidential election as companies begin to step up investment and the global economy stabilizes.