US factory output slows
Print Edition
FACTORIES in the United States were less busy last month, latest figures suggest.
The Institute of Purchasing Managers’ manufacturing index slipped to 52.7 for the month from 53.5 in June. Economists had expected it to remain unchanged. Any reading above 50 indicates growth.
The index had risen in May and June.
Exports are contracting, as a strong dollar makes goods more expensive. Hiring slowed at factories last month, but production and new orders rose.
“The manufacturing sector will probably continue to struggle as the dollar has appreciated recently and overseas demand has remained muted,” Adam Collins, from Capital Economics, wrote in a report.
“However, activity in other, larger parts of the economy has remained strong,” he said.
The US economy grew 2.3 percent in the second quarter, rebounding from a bitter winter.
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