U.S. Manufacturing Index Unexpectedly Inches Higher In May

[Purveyor]

Source: RTT

(RTTNews.com) - Economic activity in the U.S. manufacturing sector unexpectedly expanded at a faster rate in the month of May, the Institute for Supply Management revealed in a report on Wednesday.

The ISM said its purchasing managers index rose to 51.3 in May from 50.8 in April, with a reading above 50 indicating growth in the manufacturing sector.

The modest increase came as a surprise to economists, who had expected the index to edge down to a reading of 50.6.

However, the report also showed a slight slowdown in the pace of growth in new orders, as the new orders index slipped to 55.7 in May from 55.8 in April.




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