Economic activity in the manufacturing sector expanded in February at a faster pace than January, according to the Institute for Supply Management’s purchasing managers index for US manufacturing, released today. February’s index reading was 57.7, up from January’s reading of 56.0. Readings above 50.0 generally indicate expansion. February’s reading is the highest since August 2014.

Any reading above 50% indicates improving conditions.

The employment portion of the index fell to a reading of 54.2 in February from 56.1 in January, but it still indicated expansion.

MarketWatch reports the index exceeded its economists' consensus forecast, which called for a reading of 56.5.