Manufacturing, pending home sales fuel recovery hopes

U.S. manufacturing activity rose to its highest level in 3-1/2 years last month and pending home sales contracts unexpectedly surged in September, offering hope the budding economic recovery would be sustained.

The Institute for Supply Management said its index of national factory activity rose to 55.7 in October, the highest level since April 2006, from 52.6 in September. Analysts had expected a reading of just 53.0.

It was the third straight month the gauge came in above 50, the dividing line between expansion and contraction.

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- Posted: 2009-11-02 10:45:24

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