A gauge of U.S. manufacturing activity rose in May, a sign the sector could be stabilizing as pressures from the strong dollar and cheap oil prices begin to ease.
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The Institute for Supply Management on Wednesday said its index of manufacturing activity rose to 51.3 in May, from 50.8 in April. A reading above 50 indicates that factory activity is expanding while a reading below 50 signals contraction. Economists surveyed by The Wall Street Journal had expected May's reading to fall to 50.3.
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