U.S. manufacturing activity fell to a two-year low in July, but continued to show expansion for the 24th consecutive month, the Institute for Supply Management said Monday.
ISM’s monthly factory index dropped to a reading of 50.9, from a 55.3 reading in June, the group said. Figures over 50 indicate expansion.
The reading fell short of economists’ projections of a drop to 54.5, Bloomberg reported.
Ten of 18 manufacturing sectors showed expansion for the month, ISM said.
ISM’s factory index measures manufacturing components of the economy.
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