U.S. Manufacturing Expansion Slows in May

Politics Reuters

The pace of growth in U.S. manufacturing slowed modestly in May but a gauge of new orders rose to its highest in over a year, according to an industry report released on Friday.

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The Institute for Supply Management said its index of national factory activity slipped to 53.5 from 54.8 in April, just missing expectations for 53.9.

A reading above 50 indicates expansion in the manufacturing sector.

Forward-looking new orders rose to their highest since April 2011 at 60.1 from 58.2 but the employment gauge eased to 56.9 from 57.3.