Investing.com - Manufacturing activity in the U.S. expanded at a faster pace than expected in June, bolstering the outlook for higher interest rate this year, according to data released on Wednesday.
The Institute for Supply Management said its index of purchasing managers rose to 53.5 last month from 52.8 in May. Analysts had expected a more modest uptick to 53.1.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The new orders index came in at 56.0, up from 55.8 previously, while the employment index rose to 55.5 from 51.7 in May, reflecting growing employment levels.