Manufacturing in U.S. Expands at Fastest Pace Since May 2004

U.S. factories expanded in February at the fastest rate since May 2004, indicating sustained strength in manufacturing as demand remains solid, figures from the Institute for Supply Management showed Thursday.

The latest advance extends a series of healthy readings in the survey-based measure of manufacturing that’s being fueled by improving global economies and firm business investment. It also comes on the heels of a late-year pickup in consumer spending, which advanced in the fourth quarter at the fastest pace in more than a year.