U.S. manufacturing growth accelerated for a third consecutive month in April, while manufacturing employment rebounded, an industry group reported Thursday. The Institute for Supply Management (ISM) said its index of U.S. factory activity rose to 54.9 last month from 53.7 in March. It was the best reading since December. The report topped analyst expectations for a reading of 54.3, though the index remains below November's recent peak of 57, which was the highest since April 2011. Readings above 50 indicate expansion in the manufacturing sector, while readings below 50 reflect contraction. April gains were accompanied by a rebound in the employment subindex, which jumped more than expected to 54.7 from 51.1 in March, which had been the weakest since June 2013. The forward-looking new-orders subindex was unchanged at 55.1 last month, while the production subindex slowed slightly, dropping to 55.7 from 55.9 in March.
