U.S. manufacturing growth accelerated in June to its fastest in over a year even as price pressures eased, according to a report published on Monday.
In fresh evidence that the factory sector is so far weathering the housing sector slump, the Institute for Supply Management's manufacturing index rose to 56.0 in June from 55.0 in May, surpassing forecasts for no change.
The June reading was the survey's highest since April of last year, and the report reinforced the view that U.S. economic growth rebounded following an anemic first quarter.