U.S. Manufacturing Activity Slows Down

Confounding market expectations of a rise, the U.S. manufacturing sector grew at a slower pace in June, the Institute for Supply Management reported July 3.

The ISM manufacturing index dipped to 53.8% in June from 54.4% in May.

Readings above 50 indicate expansion, so the report showed growth in the industrial economy, but at a slower pace than in the previous month.

The figure surprised analysts who had expected a rise to 55%.

Copyright Agence France-Presse, 2006

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