U.S. manufacturing revenue is expected to grow by 1% year-over-year in 2008, according to the Institute for Supply Management's semiannual economic forecast released today. That's down from the 6.8% growth predicted in December.

In the service sector, revenue growth is expected at 2.7% in 2008. That's up from the forecast of 2% in December.

Manufacturing employment is forecast to grow 2.9% in 2008, according to the institute. Service-sector employment is forecast to grow 0.7% for the balance of 2008.