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US factory sector grows at swiftest pace in almost 3 years

The US manufacturing sector expanded at the quickest pace in almost three years in June, according to data released on Monday that pushed the dollar and American equities higher.

The Institute for Supply Management’s purchasing managers index jumped to 57.8 last month, from 54.9 the previous month. The closely-watched gauge has not registered such a high reading since August 2014, according to Bloomberg data.

New orders, production and employment all grew at a swifter rate in June than in May, according to the report. Respondents in the ISM survey took a broadly upbeat tone, with executives pointing to stronger demand across the industrial sector.

The news pushed the dollar to the day’s highs: it was recently up 0.7 per cent on the Japanese yen, with the euro 0ff 0.5 per cent and the pound down 0.59 per cent. The S&P 500 stock-market index was up 0.53 per cent, near session highs.