Economics
U.S. Factory Expansion Is Solid; Price Gauge Highest Since 1979
- Manufacturers in ISM report cite ongoing supply chain issues
- Orders growth cools, production expands at faster pace
Photographer: Luke Sharrett/Bloomberg
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U.S. manufacturing continued to expand at a solid, yet slightly slower pace in June while a measure of prices paid for materials jumped to an almost 42-year high.
A gauge of factory activity eased to 60.6 from 61.2 in May, according to Institute for Supply Management data released Thursday. Readings above 50 indicate expansion and the June figure compared with the 60.9 median projection in a Bloomberg survey of economists.