US factory activity grew more slowly in May

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US factory activity grew more slowly in May

Associated Press – U.S. manufacturing grew more slowly in May, hampered by weaker hiring and declining production. But a measure of new orders rose to a 13-month high, suggesting factory activity will pick up in June. The Institute for Supply Management, a trade group of purchasing managers, said Friday that its index of manufacturing activity fell to 53.5 in May, down from a reading of 54.8 in April. A reading above 50 indicates expansion. Read Article

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