Rising demand for durable goods such as automobiles and business equipment is driving gains in manufacturing, which makes up about 12 percent of the economy. Faster job creation would generate wage growth, accelerating the pace of consumer purchases and resulting in more orders for factories.
The median forecast of 49 economists surveyed by Bloomberg was 57. Estimates ranged from 54 to 60.5.
The national factory index, produced by Tempe, Arizona-based Institute for Supply Management, probably advanced to 54.2 this month from 53.7 in March, according to the Bloomberg survey median ahead of the May 1 release.
The report showed orders, production and employment all jumped this month compared with March.
To contact the reporter on this story: Shobhana Chandra in Washington at [email protected]
To contact the editor responsible for this story: Carlos Torres at [email protected]