Manufacturing in May grows at slower rate than forecast

[WASHINGTON] Manufacturing in the United States expanded at a slower pace than forecast in May as orders and production eased from the previous month.

The Institute for Supply Management's factory index fell to a three-month low of 53.2 from the prior month's 54.9, the Tempe, Arizona-based group's report showed yesterday. Fifty is the dividing line between growth and contraction.

The median forecast of economists surveyed by Bloomberg called for a gain to 55.5.