US manufacturing growth at three-year high, ISM survey shows

Manufacturing growth in the States picked up pace in August to its fastest rate in three years, according to a widely-followed report published on Tuesday.

Manufacturing growth in the States picked up pace in August to its fastest rate in three years, according to a widely-followed report published on Tuesday.

The Institute for Supply Management's (ISM) US manufacturing index increased to 59.0 last month, up from 51.7 in July.

This was the highest reading since March 2011 and ahead of the consensus forecast of 57.0.

The increase in the headline index was helped by a rise in the new orders index from 63.4 to 66.7, marking its highest reading since April 2004.

However, the employment gauge inched lower from 58.2 to 58.1, while the prices index fell from 59.5 to 58.0.

BC