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Factory Growth Slowed In June But Still Robust; Data Support "Measured' Fed.(A)
Byline: JED GRAHAM
The nation's factory sector continued to charge ahead in June, growing only slightly slower than its breakneck pace of recent months.
The Institute for Supply Management's index of manufacturing activity eased to 61.1 from 62.8, but held above the remarkably high 60 level for an eighth straight month. For the past 13 months the gauge has been above 50, which signals an expanding factory sector.
The ISM employment index remained elevated, dipping to 59.7 from May's 31-year high of 61.9. Of more than 400 industrial firms surveyed, a net 26% added workers in June vs. 29% in May.
Separately, jobless claims rose 1,000 to 351,000 last week, said the Labor Department. The four-week average rose 2,500 to 347,000, the most since mid-April. Labor releases the June jobs report on Friday.
The ISM new orders index slid for a sixth straight month, falling to 60 from 62.8.
The data appear to reflect a slight deceleration in growth that could allow the Federal Reserve to raise interest rates at a measured pace.
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