ISM's manufacturing index grows faster than expected |
USA Today - Jun 1, 2010 |
A private trade group said the U.S. manufacturing sector expanded in May, marking the 10th consecutive month of growth.
The Institute for Supply Management, a trade group of purchasing executives, said Tuesday its manufacturing index dipped to 59.7 in May from 60.4 in April. A level above 50 indicates expansion.
The modest dip led to a rally on Wall Street.
"We haven't lost much in the way of momentum," said Norbert Ore, chairman of the ISM's manufacturing survey on a conference call.. "The manufacturing sector continues to move ahead."
Economists polled by Thomson Reuters had expected the index to dip slightly to a reading of 59.
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- Posted: 2010-06-01 10:19:49
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