Manufacturing keeps quick pace

The U.S. manufacturing sector had its fifth consecutive monthly increase during June-- the fastest pace since February 2000. The Institute for Supply Management reported yesterday its monthly manufacturing index rose from 55.7 in May to 56.2. According to the group, a reading above 50 indicates expansion while one below 50 indicates contraction. Production rose strongly to 61.4 after averaging 58.1

The U.S. manufacturing sector had its fifth consecutive monthly increase during June-- the fastest pace since February 2000.

The Institute for Supply Management reported yesterday its monthly manufacturing index rose from 55.7 in May to 56.2. According to the group, a reading above 50 indicates expansion while one below 50 indicates contraction.

Production rose strongly to 61.4 after averaging 58.1 over the previous three months. Employment increased to 49.7 from a 47.1 average during the same period.

In a separate report from the U.S. Dept. of Commerce, the value of construction spending fell 0.7% in May after hitting a record level the month before. Private nonresidential construction dropped 3.1%, while private residential building fell 0.8%.

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