Mumbai, Feb. 3 -- Manufacturing activity in the U.S. unexpectedly expanded for the first time in 12 months in January, according to a report released by the Institute for Supply Management on Monday.
The ISM said its manufacturing PMI jumped to 52.6 in January from 47.9 in December, with a reading above 50 indicating growth. Economists had expected the index to inch up to 48.5.
The bigger than expected increase by the headline partly reflected a significant turnaround by new orders, as the new orders index surged to 57.1 in January from 47.4 in December, reaching its highest level since February 2022.
The production index also shot up to 55.9 in January from 50.7 in December, which was also the highest level since February 2022.
The rep...