The US manufacturing sector grew for the 10th consecutive month in May, an industry survey said today, bolstering hopes of a sustained, if moderate, economic recovery.
The Institute for Supply Management said its monthly survey of managers showed 'continued strength in new orders and production', despite the rate of growth slowing slightly.
The firm's manufacturing index, or purchasing managers index, stood at 59.7%, down slightly from the 60.4% seen in April.
The reading - which compiles managers' reports on everything from new orders to stock inventories - was just above market expectations of 59.4%. A reading above 50% indicates an expanding manufacturing sector.
