US manufacturing soars to 3-year high

The pace of growth in the U.S. manufacturing sector rose in August to its highest level since March 2011, according to an industry report released on Tuesday.

The Institute for Supply Management (ISM) said its index of national factory activity rose to 59.0 from 57.1 the month before. The reading topped expectations of 56.9, according to a Reuters poll of economists. A reading above 50 indicates expansion in the manufacturing sector.