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News > Jobs & Economy
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Manufacturing growth slows
ISM index falls to 61.1 for June from 62.8 reading in May, missing economists' forecasts.
July 1, 2004: 11:57 AM EDT

NEW YORK (CNN/Money) - The latest reading on the state of U.S. manufacturing showed growth slowing, a survey of purchasing managers showed Thursday, in a report slightly below Wall Street forecasts.

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The Institute for Supply Management's index came in at 61.1 for June, down from the 62.8 reading in May. Economists surveyed by Briefing.com were forecasting the index would fall to 61.5.

Any reading above 50 indicates growth in the manufacturing sector. Still the June reading was the weakest result for the index since October. And most of the index's components, such as those measuring new orders, production plans and order backlog, showed growth slowing compared to the May report.

For example the hiring index came in with a 59.7 reading for June, down from 61.9 in May, and while the percentage of those surveyed expecting their work force to shrink is still only 9 percent, that's up from 7 percent in May.

The one piece of good news for investors is that the prices paid component of the ISM index also showed some moderation in the June report, dipping to 81.0 from 86.0 reading in May. The percentage of those surveyed reporting they're paying higher prices fell to 66 percent from 74 percent in May.

Higher prices paid by businesses were one of the factors in the growing inflationary pressures that prompted the Federal Reserve to announce its first interest rate hike in more than four years Wednesday. But any sign that inflationary pressures could be lessening could raise hopes that the Fed's future rate hikes will be modest.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.