MW: ISM index dips to 55.3% in June, but new orders jump
By Jeffry Bartash
WASHINGTON (MarketWatch) - U.S. manufacturing companies expanded at a slightly slower but still rapid pace in June, as new orders rose to the highest level since the end of 2013, a survey of executives found. The Institute for Supply Management said its manufacturing index dipped to 55.3% last month from 55.4% in May. Economists polled by MarketWatch had expected the index to rise to 55.7%. Readings over 50% indicate more companies are expanding instead of shrinking. The ISM's new-orders index climbed 2 points to 58.9% from 56.9%; production slipped to 60% from 61%. The employment gauge was unchanged at 52.8%. Fifteen of the industries tracked by ISM reported growth last month while three recorded a decline.
