US manufacturing activity jumped in April in broad-based growth, according to a closely watched index released today.
The Institute for Supply Management's manufacturing index was at 54.8% in April, from a 53.4% reading in March.
The sharp gain in the ISM purchasing managers index was unexpected.
Analysts had forecast the PMI reading would fall to 53%. Sixteen of the 18 industries surveyed reported overall growth.
ISM noted the manufacturing sector has expanded for the 33rd consecutive month. A reading above 50% indicates growth.
In April, the sub-indexes for new orders, production and employment rose at faster rates than in March.
The manufacturing sector has been a driver of the US recovery from the deep 2008-2009 recession. But a steady drumbeat of disturbing economic and financial news from the euro zone and elevated oil prices cast a cloud over expectations, the firm said.
