Manufacturing index up for 6th straight month

Manufacturing sector activity rose in June for the sixth straight month, but the index reading still indicates a contraction, a purchasing managers' group said Wednesday.

The Tempe, Ariz.-based Institute for Supply Management's (ISM) manufacturing index rose to 44.8 in June, up from 42.8 the previous month.

The reading narrowly beat estimates from economists, who expected a jump to 44.6, according to a Briefing.com consensus survey.

The slight month-to-month improvement indicates that the rate of contraction has slowed, but not reversed itself. Manufacturing is a key indicator in gauging the strength of the overall economy.

Read Full Article from CNNMoney.com

- Posted: 2009-07-01 10:32:51

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