TEMPE, AZ-U.S. manufacturing activity expanded for the 12th consecutive month, while the overall economy grew for the 31st consecutive month.
The Institute of Supply Management's PMI index, which measures manufacturing activity, rose to 62.8 in May from 62.4 in April. The latest figure was the highest since the index reached 63.6 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.