Manufacturing activity in the United States rose slightly in June, according to the Institute for Supply Management. The trade group of purchasing executives said the manufacturing index read 44.8 in June, which is up from the 42.8 in May—at its slowest pace since August of 2008. A reading below 50 indicates contraction. June's reading marks the 17th straight month of deterioration in manufacturing. But, June's reading was better than expected as analysts polled by Thomson Reuters expected the index to rise to 44.5. The manufacturing index includes new orders, production, employment, inventories, prices, and export and import orders. It is based on a survey of the group's members.
