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Manufacturing Grows for 5th Month

July 1, 2002

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NEW YORK (AP) _ Manufacturing activity grew for a fifth straight month in June and at a faster pace than the previous month, signaling continued strength in the battered sector, an industry group reported Monday.

The Tempe, Ariz.-based Institute for Supply Management said its index of business activity rose to 56.2 percent in June from 55.7 percent in May. Analysts had been expecting a reading of 55.5.

An index above 50 signifies growth in manufacturing, while a figure below 50 shows contraction.

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