U.S. Factory Activity Keeps Growing

American manufacturing activity expanded at a faster pace last month than in February, according to the Tempe, Ariz.-based Institute for Supply Management.

The research group's index of factory activity rose to 53.4 in March from 52.4 the previous month, marking the 32nd consecutive month of growth. Any reading of 50 or higher indicates expansion.

ISM says the expansion was fueled by gains in manufacturing employment and production. Growth in export demand cooled last month. The group says 15 of the 18 manufacturing industries it tracks reported improvement in May.