August 2, 2010
Manufacturing Sector Expansion Slows
By Matthew L. Brown
The manufacturing sector expanded in July for the 12th consecutive month, but the pace of that expansion slowed, according to the Institute for Supply Management.
ISM's Purchasing Managers Index hit 55.5 during the month, a 0.7 percent decrease compared to June. New orders and production were also reported to be growing, but more slowly during the month.
At the same time, manufacturers were hiring and raising prices more quickly in July than they were in June.
Many manufacturers reported July growth. Four industries: nonmetallic mineral products; furniture and related products; food, beverage and tobacco products; and machinery reported contraction.
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