The Institute for Supply Management’s factory index rose to 57.3 in November from 56.4 a month earlier, the Tempe, Arizona-based group’s report showed today.
The median projection in a Bloomberg survey of 77 economists called for a drop to 55.1. Estimates ranged from 53.5 to 57.5. Manufacturing accounts for about 12% of the economy.
Manufacturing across the globe is showing signs of picking up. In China, factory growth was stronger than projected. The Purchasing Managers Index held at 51.4 in November, the highest since April 2012, the National Bureau of Statistics and China Federation of Logistics and Purchasing said yesterday.
Euro-area manufacturing output expanded more than initially estimated last month, led by Germany. Markit said today its index rose to a more than two-year high of 51.6 from 51.3 in October. That compares with an initial estimate of 51.5 for November. In the U.K., the expansion at factories was the strongest since February 2011, according to Markit.