The pace of growth in the U.S. manufacturing sector slowed in July and disappointed expectations, according to an industry report released on Monday.
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The Institute for Supply Management (ISM) said its index of national factory activity fell to 52.7 from 53.5 the month before. The reading was shy of expectations that the pace would remain unchanged at 53.5, according to a Reuters poll of economists.
A reading above 50 indicates expansion in the manufacturing sector.
New orders rose to 56.5, up from 56.0 in June and marking the highest reading since December. The prices paid index fell to 44.0 from 49.5, compared to expectations for 49.0.
The employment index slipped to 52.7 from 55.5, also short of expectations for a reading of 54.7, while the imports index hit its lowest level in a year at 52.0. (Reporting by Sam Forgione; Editing by Chizu Nomiyama)