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Economics

Business Activity in U.S. Unexpectedly Grew at Slower Pace

Business activity in the U.S. expanded in May at the slowest pace in more than two years as orders and production cooled.

The Institute for Supply Management-Chicago Inc. said today its barometer decreased to 52.7, the lowest since September 2009, from 56.2 in April. Readings greater than 50 signal growth. Economists projected the purchasing managers’ gauge would rise to 56.8, according to the median of 55 estimates in a Bloomberg News survey.