US manufacturing activity hits 14-month high

U.S. manufacturing activity rebounded in June, hitting its highest level in more than a year as the broader economy reopened, but rising COVID-19 infections threaten the recovery.

The Institute for Supply Management said on Wednesday its index of national factory activity jumped to a reading of 52.6 last month from 43.1 in May. That was the strongest since April 2019 and ended three straight months of contraction.A reading above 50 indicates growth in manufacturing, which accounts for 11per cent of the U.S. economy. Economists polled by Reuters had forecast the index rising to 49.5 in June.

The uptick in economic activity follows the reopening of many businesses after being shuttered in mid-March in a bid to slow the spread of the respiratory illness.

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