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Purveyor

(29,876 posts)
Mon Jun 1, 2015, 12:59 PM Jun 2015

US Manufacturing Growth Accelerates For 1st Time In 6 Months

Source: Associated Press

By CHRISTOPHER S. RUGABER, AP Economics Writer
Posted: 06/01/15, 9:02 AM PDT | Updated: 46 secs ago

WASHINGTON (AP) — U.S. manufacturing growth accelerated in May for the first time in six months, propelled by more new orders and an increase in hiring.

The Institute for Supply Management, a trade group of purchasing managers, said Monday that its manufacturing index rose to 52.8 last month from 51.5 in April. That’s the highest reading since February. Any reading above 50 signals expansion.

The pickup in factory activity suggests the economy may be growing again after shrinking in the first three months of the year. Still, overall growth remains slow, held back by a range of factors. Americans have been reluctant to boost spending, even as hiring has been healthy and lower gas prices have left them with more money to spend.

And the dollar has risen sharply in value, which makes U.S. goods more expensive overseas and drags down exports. Economists forecast the economy may expand at a 2 percent annual pace in the April-June quarter, after shrinking 0.7 percent in the first three months of the year.

Read more: http://www.santacruzsentinel.com/business/20150601/us-manufacturing-growth-accelerates-for-1st-time-in-6-months

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