Exports Fueled Manufacturing Growth in June

July 1, 2008 8:36:40 AM PDT
A measure of U.S. manufacturing activity has grown for the first time in five months in June, thanks to strong exports. The reading of 50.2 from the Institute for Supply Management was up from 49.6 in May. It beat economists' prediction of a reading of 48.7, according to the consensus estimate of Wall Street economists surveyed by Thomson Financial/IFR. A reading above 50 signals growth.

For the previous four months, the index had hovered near its lowest level in five years.