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ISM manufacturing index hits 58.7 in May; construction spending up 1.8% in April
Manufacturing activity expanded at a faster pace than forecast last month, according to the Institute of Supply Management. The ISM manufacturing index jumped to 58.7 in May from 57.3 in April. Economists polled by Reuters expected manufacturing growth to hit 58.4 last month. A reading above 50 for the index indicates expansion in the manufacturing sector, and a reading below 50 signals contraction. Meanwhile, construction spending in April was expected to gain 1 percent in April, according to economists polled by Reuters, after posting a loss of 1.7 percent in the month prior. U.S. construction spending rebounded ... (full story)
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