Activity in the U.S. manufacturing sector unexpectedly contracted in the month of June, according to a report released by the Institute for Supply Management on Monday, with the index of activity in the sector pointing to a contraction for the first time since July of 2009.
The ISM said its purchasing managers index dropped to 49.7 in June from 53.5 in May, with a reading below 50 indicating a contraction in manufacturing activity. Economists had expected the index to show a much more modest decrease to a reading of 52.0.
by RTT Staff Writer
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