US manufacturing growth falls in June after May performance feat
July 3, 2014, 12:05 am TWN
WASHINGTON--The U.S. manufacturing sector grew at a slightly slower pace in June after hitting the year's highest level the prior month, the Institute for Supply Management said Tuesday.
The ISM's manufacturing purchasing managers index dipped 0.1 point to 55.3 in June in the 13th consecutive month of growth in the sector. A reading above 50 indicates expansion.
The June PMI dip was unexpected. Analysts on average estimated a 0.4 point increase.
Nevertheless, the number was the second-highest of 2014, after May's 55.4 peak.
It was also better than the 12-month average of 55.1, with 15 of the 18 manufacturing industries surveyed reporting growth in June.