U.S. manufacturing expands faster in May

WASHINGTON, June 1 (Xinhua) -- U.S. manufacturing activity expanded at a faster pace in May, according to a survey released by the Institute for Supply Management (ISM) on Friday.

The manufacturing index, also known as the purchasing managers index (PMI), registered 58.7 in May, up from April's reading of 57.3, the survey showed.

A reading above 50 percent indicates that the manufacturing sector is generally expanding, while a figure below 50 percent indicating that it is generally contracting.

In May, the new orders index increased 2.5 points from the previous month to 63.7, production index went up 4.3 points to 61.5, and the employment index edged up 2.1 points to 56.3.

Of the 18 manufacturing industries, 16 industries reported growth last month and no industry reported contraction.

A Federal Reserve survey released on Wednesday also showed that U.S. manufacturing shifted into higher gear in recent months.

More than half of the Fed's 12 regional districts reported "a pickup" in manufacturing activity and one third of the districts classified activity as "strong", said the Fed in its latest survey on economic conditions, known as the Beige Book. Enditem