Manufacturing sector shows some life

The national manufacturing sector grew in June for the first time since January, according to the Institute for Supply Management’s monthly report on factory activity, which is compiled from data provided by purchasing and supply executives. The ISM factory index increased to a reading of 50.2 in June from 49.6 in May. The production index increased to 51.5 in June from 51.2 in May while supplier deliveries jumped to a reading of 55.1 from 53.7 the previous month, according to the data issued by the Tempe, Ariz.-based ISM. Another ISM index showed that employment in the manufacturing center fell to 43.7 in June from 45.5 in May while new orders dropped to 49.6 from 49.7. Meanwhile, an economic report from the Department of Commerce issued today showed spending on U.S. construction projects fell 0.4% in May to an annual rate of $1.09 billion. Private residential construction fell 1.6% to an annual rate of $378.9 billion while non-residential construction inched up 0.2% to $405.3 billion. Spending on public construction in May increased 0.4% to $301.1 billion.