A measure of the industrial activity of USA jumped to the highest level in more than 37 years in March in the face of strong growth in new orders, the clearest sign so far that the expected economic boom is probably underway.
The Supply Management Institute (ISM, the acronym in English) reported on Thursday that its activity index of the industrial sector jumped to 64.7 last month from 60.8 in February. It was the highest reading since December 1983.
Reading above 50 indicates expansion of manufacturing, which accounts for 11.9% of the economy from the USA.
Economists consulted by Reuters projected the index to rise to 61.3 in March.
A pandemic Covid-19, which has lasted a year, has increased the demand for goods.
The measure in the ISM survey on prices paid has been close to the high since July 2008. The new orders sub-index jumped to 68.0 in March, the highest reading since January 2004 and up from 64.8 in February.
The factories also received more orders for export.
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