This was above consensus expectations of a marginal increase to 56.1 for the month and the strongest reading since the end of 2014.
"I don't see why we can't continue this kind of pace over the next several months", Bradley Holcomb, chair of ISM's Manufacturing Business Survey Committee, said on a conference call with reporters.
Treasury yields, which had already been rising overnight through this morning, reached 2.47% by 10:45 a.m. ET, a two-week high, according to Tradeweb. Production saw a 1.5 percent gain to 62.9 for its sixth straight month of growth and at its highest level since March 2011's 64.2. Readings above 50 signal expansion, while those south of 50 suggest contraction. The index at 45.2 points indicated a decline in production level when compared to the 51.3 points in the previous month. The The PMI has been above 50% for 11 of the past 12 months and averaged 52.8% during that period.
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Of the 18 manufacturing industries, 17 reported growth in February in the following order, including textile mills, machinery and transportation equipment. The energy sector may improve "as oil prices firm up", Menaker said.
"Growth is being driven by robust domestic demand, stemming in turn from buoyant consumers and increased investment spending by the energy sector in particular", said Chris Williamson, the chief business economist at IHS Markit.
"Euro area manufacturers are reporting the strongest production and order-book growth for nearly six years, in what's looking like an increasingly robust upturn", said Mr Chris Williamson, chief economist at IHS Markit. Ten industries reported expansion, while five reported a decrease in employment. The index fell 0.3 percent in January from a month earlier, while manufacturing production was up 0.2 percent.