The numbers: American manufacturers grew faster in March as a key index hit a 38-year high, pointing to gathering momentum in the U.S. economy.
The Institute for Supply Management said its manufacturing index jumped to 64.7% from 60.8% in the prior month. Readings over 50% indicate growth, and anything over 55% is considered exceptional.
The increase surpassed Wall Street expectations. Economists surveyed by Dow Jones and The Wall Street Journal had forecast the ISM index to total 61.7%.
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