U.S. May ISM shows factories growing at faster rate (by Greg Robb)

WASHINGTON (CBS.MW) -- Factory activity in the United States accelerated in May from its already high level, the Institute for Supply Management reported Monday. The ISM index rose to 62.8 percent in May from 62.4 percent in April. This is the seventh month in a row that the index has been above 60. The increase was unexpected. The consensus forecast of estimates collected by CBS Marketwatch was for the index to fall slightly to 62.0. Readings above 50 indicate expansion. New orders fell to 62.8 in May from 65.0 in April. The employment index rose to 61.9 in May from 57.8.