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- Tom Porcelli, chief U.S. economist at RBC Capital Markets Corp.
U.S. manufacturing activity accelerated in December, bolstered by growth in orders and production. The Institute for Supply Management's factory index rose to 53.9 in December from 52.7 in November, the company said on Tuesday. Reading above 50.0 indicates industry expansion.
"It's good to know that purchasing managers are feeling a bit better about the economic backdrop," said Tom Porcelli, chief U.S. economist at RBC Capital Markets Corp. in New York. "Manufacturing in the early part of the year will keep expanding. Global economic activity is showing signs of life."
"Business seems strong, but likely due to tax advantages of purchasing capital expense items," said a purchasing manager in the machinery sector.