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Purchasing Managers Index Reads Better Than Expected.(INTERNET & TECHNOLOGY)
Byline: AP
Activity in the nation's manufacturing sector fell for the 11th straight month in June, but the decline came at a slower pace than in May, an industry group said Monday.
The National Association of Purchasing Management said its purchasing index rose to a better-than-expected 44.7% last month, up from the 42.1% it reported the previous month.
An index above 50 signifies growth in manufacturing, while a figure below 50 shows contraction.
Analysts had expected the reading to remain unchanged at 42.1.
The NAPM report is closely watched because it is one of the first indications of how the manufacturing sector performed in June. The figures are based on a survey of purchasing executives who buy the raw materials for manufacturing at more than 350 industrial companies.
Decline "Slowed Somewhat'
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