ISM: Manufacturing Slows In June
NEW YORK (AP) -- An industry trade group says its manufacturing index slowed in June, but was still at a level that suggests growth in the industrial sector.
The Institute for Supply Management says its index fell to 56.2 last month from 59.7 in May.
Economists polled by Thomson Reuters expected a reading of 59 for last month.
A reading above 50 indicates expansion. The manufacturing sector has been one of the economy's bright spots for nearly a year as companies restock inventories and replace old equipment.
The report says new orders and production are not growing as fast as they have been.
But the report still suggests that manufacturers plan to hire more.