NEW YORK (CNN/Money) - U.S. manufacturing grew at the fastest pace in 20 years in December, the nation's purchasing managers said Friday, beating Wall Street forecasts for a slowdown in growth and raising hopes for a pickup in hiring in the new year.
The index was the highest since 69.9 in December 1983 and has been above 50, a number that indicates expansion in the sector, for six straight months.
"It's nothing short of incredible. It's not enough to send me scurrying to raise my forecast for next year, but it's pointing toward considerable momentum going into the new year," said David Resler, chief economist at Nomura Securities. "It gives me more confidence we're going to be able to maintain strong growth in the first half."
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