Manufacturing Pickup Signals Boost to U.S. Economic Growth

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American factories powered up in June at the fastest pace in nearly three years, with robust advances in production, orders and employment that indicate a firming in the economy, data from the Institute for Supply Management showed Monday.

Factory index rose to 57.8, highest since August 2014 (estimated at 55.3) from 54.9 in May; readings above 50 indicate growth ISM’s gauge of new orders increased to three-month high of 63.5 from 59.5

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Bank remains bullish commodities, cuts oil forecast by $7.50; brent, WTI crude prices slipped into bear markets last week.

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