IANS | 02 Aug, 2012
The US manufacturing sector shrank for the second
consecutive month in July, a survey showed Wednesday.
The US Institute of Supply Management (ISM) manufacturing index, also known as
the purchasing managers index (PMI), stood at 49.8 percent in July, slightly
higher than the estimate of 49.7 percent in June, Xinhua reported.
A reading above 50 percent indicates that the manufacturing sector is generally
expanding, while a reading below that ratio indicates contraction.
The US Federal Reserve Wednesday said the nation's economic activity slowed
pace in the first half of this year, and predicted that the US economic growth
to remain moderate over coming quarters.
