Gains Cited in Manufacturing Sector
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NEW YORK — A survey of purchasing managers indicated on Friday an improvement in manufacturing in May.
Gains in production and new orders led the increase, the second in as many months for the purchasing managers’ index.
The rise in the index is more a sign that the manufacturing slump has hit bottom than a precursor of a strong recovery, said James Solloway, director of economic research at Argus Research Inc. Economists also said the report by the National Assn. of Purchasing Management was probably influenced by increased automobile production that is not being matched by sales.
The purchasing managers’ index rose to 50.7% in May, up from 50.2%. A reading above 50 indicates the manufacturing economy is expanding.
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