(Photo: Reuters)
A closely watched survey by the Institute for Supply Management finds the pace of growth in the manufacturing sector slowed in July, missing Wall Street’s expectations. The Institute for Supply Management (ISM) said its index of national factory activity fell to 52.7 from 53.5 measured in the month of June.
The reading was below economists’ expectations that the pace would remain unchanged at 53.5, according to a poll of economists conducted by Reuters. A reading above 50 indicates expansion in the manufacturing sector, while readings below 50 indicate contraction.
The report was all pessimistic, as new orders rose to 56.5, up from 56.0 in June and marking the highest reading since December. However, 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.
