Manufacturing activity soared around the world in January, according to a raft of surveys released yesterday that will bolster hopes of a strong global recovery.
In the US, the Institute for Supply Management index – a key measure of industrial activity – rose from 54.9 to 58.4, its highest level since August 2004 and well ahead of economists' expectations.
The key components of the index – production, employment and new orders – all increased, leading Norbert Ore, chair of the ISM survey, to declare that the report offered “significant assurance that the manufacturing sector is in recovery”.
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