US manufacturing increased in July but at slower pace

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WASHINGTON (AP) — Growth in U.S. manufacturing slowed in July as companies continued to face supply-chain problems. The Institute for Supply Management, a trade group of purchasing managers, said Monday that its index of manufacturing activity declined by 1.1 percentage points to a reading of 59.5. The index stood at 60.6 in June.Any reading above 50 indicates growth in the manufacturing sector. July was the 14th consecutive month manufacturing has grown after contracting in April 2020 when the coronavirus triggered nationwide business shutdowns.

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