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US manufacturing sector continues its slump
There is more worrying data about the health of the manufacturing sector: The industry continues to slide deeper into contractionary territory, despite an economy that is otherwise humming along. Driving the news: The Institute for Supply Management's manufacturing gauge fell to 46% in June (nearly one percentage point below May's gauge) — the weakest since May 2020. A reading below 50 suggests contracting activity. Of note: Separate Census Bureau data released Wednesday morning showed factory orders rose 0.3% in May, the same pace as April (which was revised down a tick). • Excluding transportation shows that ... (full story)