US manufacturing activity increased more than expected in May, hitting the highest level in four years, likely driven by businesses front-loading orders amid rising prices and shortages because of the war with Iran.

“Companies are still holding back because of uncertainty, but they’re holding back less," Susan Spence, chair of ISM’s Manufacturing Business Survey Committee, said during a media…

Researchers said that all manufacturing data points relating to output, employment and purchasing improved for the first time since May 2022.