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Tuesday
Feb012011

Manufacturing Industry Expands at Fastest Rate in Seven Years

Photo Courtesy - Getty Images(TEMPE, Ariz.) -- The manufacturing industry grew at its fastest rate in seven years, according to new figures from the Institute for Supply Management.

A report Tuesday from the ISM said that activity in factories registered a 60.8 percent on their index, up from 58.5 in December. The number represents an 18th consecutive month of expansion and the highest index rating for the sector since May 2004.

The ISM says that the manufacturing expansion was bolstered by a spike in new orders and continued strong production.

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