NEW YORK (AP) -- An industry trade group says manufacturing companies grew faster in August as the industrial sector continues to lead the recovery.
Rising exports overseas and demand from businesses for capital equipment and supplies have helped propel production in factories for a year.
The Institute for Supply Management says its manufacturing index rose to 56.3 in August from 55.5 in July. A reading above 50 indicates growth. The manufacturing sector has expanded for 13 straight months.
Economists polled by Thomson Reuters had forecast a weaker reading of 53.0.
While momentum had slowed this summer, the ISM survey also shows manufacturing managers' desire to hire increased last month.