Manufacturing Production Still Up

The manufacturing sector expanded for the 13th consecutive month in June, albeit at a slightly slower pace. The Institute for Supply Management said its manufacturing index declined to 61.1 last month from 62.8 in May. The new reading was somewhat lower than the 61.5 forecast by analysts.

But an index reading above 50 indicates expansion, while one below 50 indicates that manufacturing activity is contracting. The gauge has been above 50 since June of last year. The June reading shows manufacturing growth has slowed slightly but is “still aggressive,” said Norbert Ore, who heads ISM's survey committee.

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