Manufacturing in the United States expanded in August for the 13th straight month, experts said Wednesday.
According to the Institute for Supply Management, its manufacturing index rose to 56.3 in August from 55.5 in July. A reading above 50 is an indication of growth. Manufacturing has played a large roll in leading the economy out of a recession; the trade groups index surged since late 2009 and hit a 6-year high in April. Economic growth, however, slowed this summer and expansion in the manufacturing sector has leveled off.
Investors overlooked another report dealing with month-to-month construction spending. In July, construction spending tumbled to the lowest level in a decade. Construction activity dropped 1 percent in July, the third straight monthly decline, according to the Commerce Department.
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