The Institute for Supply Management’s purchasing managers index for U.S. manufacturing increased for the third consecutive month and reached its highest reading since June 2011, rising to 55.7 in August from a reading of 55.4 in July. The reading shows economic activity is increasing — readings above 50 indicate growth.

However, the employment portion of the index edged down to a reading of 53.3 in August, down 1.1 percentage points from July's reading of 54.4.