WASHINGTON-U.S. manufacturing activity expanded for the 12th consecutive month, providing fresh evidence that the economy is picking up steam.
The manufacturing index rose to 62.8 in May from 62.4 in April. The latest reading was the highest since a 63.6 reading posted in January, and was well above the 61.5 analysts had expected. An index reading above 50 indicates expansion. The gauge has been above 50 since June of last year.