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Economic activity in the U.S. manufacturing sector grew in June after contracting for the four previous months, according to the Institute for Supply Management. Its key purchasing managers' index for manufacturing, released today, registered 50.2 in June, up from 49.6 in May. Readings of more than 50 indicate expansion.
The employment portion of the index, however, sunk to 43.7 in June from 45.5 in May.
Norbert Ore, chair of the institute's manufacturing business survey committee, said manufacturers are seeing higher costs for inputs while demand for their products slows.