The Institute for Supply Management's Manufacturing Index was expected to decline to 59.5 percent in July, according to Reuters economists, after rising to 60.2 percent in June. A reading above 50 percent indicates that the manufacturing economy is generally expanding while a reading below 50 percent indicates contraction. Manufacturing accounts for about 12 percent of the U.S. economy. The ISM index is based on data compiled from purchasing and supply executives representing the manufacturing sector nationwide. Meanwhile, construction spending was expected to grow 0.3 percent in June, according to analysts polled by ... (full story)