Survey: Manufacturing grows at fast pace

The manufacturing sector expanded in February for a third consecutive month, according to the latest ISM manufacturing survey, out Friday.

The Institute for Supply Management said its index rose 1.1 percentage points in February, to 54.2% from January's 53.1%, highest reading since June 2011, when the index was at 55.8%. A reading above 50 indicates the sector is expanding.

As in January, all five component indexes — new orders, production, employment, supplier deliveries and inventories — registered in positive territory in February, the ISM said.

The only industries reporting contraction last month were: Textile mills; computer & electronic products; and chemical products.