Economics
U.S. Manufacturing Growth Cooled in July From One-Year High
- Factories reduced jobs while orders, production stayed strong
- Inventories contracted, prices increased at slower pace
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U.S. manufacturing expanded in July, though at a slower pace, indicating gradual improvement that could help the economy emerge from a weak first half of the year.
The Institute for Supply Management’s index cooled to 52.6 from a one-year high of 53.2 a month earlier, the Tempe, Arizona-based group’s report showed Monday. Readings above 50 indicate growth. The median forecast in a Bloomberg survey of economists was 53.