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U.S. manufacturing expands in June at fastest rate in over four years: Markit
July 1, 2014 / 1:50 PM / 3 years ago

U.S. manufacturing expands in June at fastest rate in over four years: Markit

Workers on the assembly line work on installing the motherboard on the reverse side of a 32-inch TV at Element Electronics in Winnsboro, South Carolina May 29, 2014. REUTERS/Chris Keane

NEW YORK (Reuters) - The U.S. manufacturing sector expanded further in June, driven by the fastest growth in output and new orders in over four years, an industry report showed on Tuesday.

Financial data firm Markit said its final U.S. Manufacturing Purchasing Managers Index rose to 57.3 in June, the highest reading since May 2010. The preliminary read for the index was 57.5.

A reading above 50 signals expansion in economic activity.

The output subindex rose to 61 from 59.6 while a read on new orders rose to 61.2 from May’s final read of 58.8. Both marked the highest level for the indexes since April 2010.

“Business was booming at US goods producers in June,” said Chris Williamson, chief economist at Markit.

“Factory output, order books and payroll numbers rose at some of the fastest rates we’ve seen since the recession, rounding off the best quarter for four years in terms of manufacturing expansion.”

A read on employment showed continued growth, and was slightly higher from the previous month.

Reporting by Angela Moon, Editing by Chizu Nomiyama

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