"We are seeing a broadening in the improvement across the economy"
- Millan Mulraine, a senior U.S. strategist at TD Securities
U.S. manufacturing growth accelerated in March, the latest evidence the economy is gaining momentum. The Institute for Supply Management's purchasing managers' index climbed to 53.4 from 52.4 in February, said a trade group on Monday. Reading above 50.0 indicates industry expansion.
"The US ISM data largely fits with the global picture that is fairly flat, with some loss of any recovery momentum in [the eurozone], notably France; UK and Switzerland among the few showing positive surprises while the Brics are generally flattish," said Alan Ruskin, strategist at Deutsche Bank.
"We are seeing a broadening in the improvement across the economy," said Millan Mulraine, a senior U.S. strategist at TD Securities in New York.
"I'm encouraged by the backlog of orders which remains quite supportive of stronger momentum."
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