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US manufacturing expands
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The US manufacturing sector grew last month at its fastest pace in more than two years, bolstering expectations for faster overall US growth in the second half of this year, an industry report said yesterday.
The Institute for Supply Management said its index of national factory activity rose to 55.7 in August from 55.4 the prior month, comfortably beating hopes for 54. It was the highest reading since June 2011. A reading above 50 signals growth in the sector.
New orders also marked their best level in more than two years, with that sub-index jumping to 63.2 from 58.3. Employment, however, slipped to 53.3 from 54.4.
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