US manufacturers expanded in June but more slowly
Source: AP-Excite
By PAUL WISEMAN
WASHINGTON (AP) — U.S. manufacturing grew in June for the 13th straight month. But the pace of the expansion slowed from May.
The Institute for Supply Management said Tuesday that its manufacturing index dipped to 55.3 in June from 55.4 in May. Any reading higher than 50 signals that manufacturing is growing.
The trade group of purchasing managers said that orders rose at a faster pace last month compared with May. But growth in production and exports slowed. A measure of employment shows that factories added jobs for the 12th straight month; the pace of hiring last month was the same as in May.
Fifteen of 18 manufacturing industries grew in June, led by furniture makers and mineral producers. Textile, chemical, and plastics and rubber manufacturing contracted in June.
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In this March 26, 2014 photo, Jerry Drury works on a truck engine assembly line at Volvo Trucks' powertrain manufacturing facility in Hagerstown, Md. The Institute for Supply Management, a trade group of purchasing managers, issues its index of manufacturing activity for May on Tuesday, July 1, 2014. (AP Photo/Patrick Semansky)