US output grows slowest in 18 months
Reuters: New York, Jul 03 2012, 02:36 IST
The US manufacturing sector grew in June at its most sluggish rate in 18 months as the pace of output, hiring and new orders all slowed, an industry survey showed on Monday. The final Markit US Manufacturing Purchasing Managers Index stood at 52.5 in June, below both a preliminary estimate of 52.9 and May's reading of 54.0. June marked the lowest showing since December, 2010.
US factories were hurt by weak European demand for US goods. Markit chief economist Chris Williamson said that should persist for some time to come as Europe struggles with austerity budgets and sluggish growth. One bright spot has been resilient demand from the domestic market, which Williamson said has helped US factories outperform those in most other economies.
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