U.S. manufacturing expanded in December at the fastest pace in three months, as gains in orders and production capped the strongest year for factories since 2004, the Institute for Supply Management said on January 3.
The group’s factory index climbed to 59.7 from 58.2 a month earlier.
The gauge of new orders advanced to 69.4, the highest in nearly 14 years, from 64.
The acceleration in bookings indicates production will remain robust in coming months as factories race to limit mounting order backlogs amid declining customer inventories. Increasing export orders underscore improvement in global markets.