NEW YORK (CNNMoney.com) - Manufacturing growth picked up in February, according to a closely watched index of industry executives that was released Wednesday.

The Institute of Supply Management's manufacturing index rose to 56.7 in one of the first readings on economic activity in the just-completed month. That's up from a 54.8 reading in January and better than the forecast of 55.5 from economists surveyed by Briefing.com. The report marked the 33rd straight month of growth.

Any reading of the index above 50 indicates growth in the goods-producing sector of the economy.

The index saw a large jump in the new orders component of the survey, as that sub-index reading rose to 61.9 from 58.0 in January. The survey found 38 percent of executives reporting improved new orders, up from 30 percent, and only 11 percent reporting a drop in new orders, down from 16 percent in January.

The report also showed gains in the production and employment portions of the survey, and the survey also showed an increase in the backlog of orders.

Perhaps the best news for investors was that pressure from suppliers' prices seemed to ease in February, with a slight decline in those reporting paying more and a slight increase in those who reported paying less. However the price index reading of 62.5 still showed upward pressure on prices, even if it was lower than the 65.0 reading in January.

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