US factories grew last month at fastest pace since 2014

The Institute for Supply Management, a trade group of purchasing managers, said Wednesday that its manufacturing index came in at 57.7 last month, up from 56 in January and highest since October 2014.

American factories have bounced back after being hurt in early 2016 and late 2015 by cutbacks in the energy industry, a reaction to low oil prices and a strong dollar, which makes U.S. products costlier in foreign markets.

Bradley Holcomb, chair of the institute's manufacturing survey committee, said manufacturing's winning streak is being driven by ordinary Americans.