Production jumped to its highest level in more than two years as manufacturers worked to restock customers' bare shelves, the Institute for Supply Management, a trade group of purchasing executives, said Monday.

The Tempe, Ariz.-based group's manufacturing index read 48.9, up from 44.8 in June. That's better than the 46.2 reading analysts surveyed by Thomson Reuters expected, on average.

Dan Meckstroth, chief economist for Manufacturers Alliance/MAPI, said the figures add "to a growing number of indicators that signal that manufacturing and the general economy is bottoming out and a recovery is coming this summer."

While Capital Economics analyst Paul Ashworth largely agreed, saying the figures constitute more evidence that the recession ended around the middle of this year, he wondered about what will happen after the third quarter.

"There are still big question marks surrounding how strong the recovery will be and whether it can be sustained after the initial boost from pent-up demand fades?" he said.

Of particular concern are the "unusually depressed" indices for employment and inventories.

In midday trading, shares of Alcoa Inc. rose 72 cents, or 6.1 percent, to $12.48, NCI Building Systems Inc. climbed 34 cents, or 8.6 percent, to $4.28 and Parker-Hannifin Corp. gained $2.12, or 4.8 percent, to $46.39.

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