ISM manufacturing index climbs to 53.4% in March (by Jeffry Bartash)

WASHINGTON (MarketWatch) - Growth in the U.S. manufacturing sector expanded at a somewhat faster pace in March, according to a closely followed index. The Institute for Supply Management's manufacturing gauge rose to 53.4% last month from 52.4% in February, the organization said Monday. Economists surveyed by MarketWatch had expected the index to rise to 53.5%. Reading over 50% indicate that more manufacturers are expanding instead of shrinking. Fifteen of the 18 industries tracked by Tempe, Ariz.-based ISM reported growth last month, up from 11 in the prior month. The ISM's production index increased to 58.3% last month from 55.3%, but the new-orders index slipped to 54.5% from 54.9%. Also, the employment index climbed to 56.1% from 53.2%.