Investing.com - Manufacturing activity in the U.S. expanded at a faster rate than expected in June, easing concerns over the U.S. economic recovery, industry data showed on Monday.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 50.9 in June from a reading of 49.0 in May.
Analysts had expected the ISM index of purchasing managers to rise 50.5 last month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices rose to 52.5 from 49.5 in May. The New Orders Index registered 51.9 in June, while the Employment Index declined to 48.7, the lowest since September 2009.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD adding 0.16% to trade at 1.3031.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.9%, the S&P 500 index climbed 0.9%, while the Nasdaq Composite index rallied 1.2%.
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