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US manufacturing sector grows in June: ISM

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US construction spending rose in May to its highest level in just over 6-1/2-years as outlays increased across the board, the latest sign of momentum in the economy.

[NEW YORK] The pace of growth in the US manufacturing sector grew in June by slightly more than expected, according to an industry report released on Wednesday.

The Institute for Supply Management (ISM) said its index of national factory activity rose to 53.5 from 52.8 the month before, the highest level since January. The reading topped expectations of 53.1, according to a Reuters poll of economists.

A reading above 50 indicates expansion in the manufacturing sector.

New orders rose to 56.0 from 55.8. The gauge of prices paid was unchanged at 49.5, compared with expectations of 51.0.

REUTERS