ISM Manufacturing Index Has Best Showing Since 2004

U.S. manufacturing activity rose in January at the fastest pace in almost seven years, the Institute for Supply Management said Tuesday.

ISM’s monthly factory index rose to a 60.8 reading, from 58.5 in December. Figures over 50 indicate expansion.

It was the best showing since the index registered a 61.4 reading in May 2004, ISM said. It was the index’s sixth straight month of growth.

The reading topped economists’ forecast of a decline to a 58 reading, Bloomberg reported.

New orders jumped 5.8 points to 67.8, while exports rose 7.5 points to 62. Imports rose 4.5 to a 55 reading.

ISM’s factory index measures manufacturing components of the economy.