Tempe, AZ, August 2--Manufacturing expanded for the 14th consecutive month in July, boosted by new orders and higher production, the Institute for Supply Management said Monday.
The institute said its manufacturing index registered 62.0 last month, up from 61.1 in June. That was in line with the consensus forecast of analysts.
An index reading above 50 indicates expansion, while one below 50 indicates that manufacturing activity is contracting. The gauge has been above 50 since June of last year.
"The manufacturing sector continues to grow at a rapid rate," Norbert J. Ore, chairman of the institute's survey committee, said in a statement accompanying the report. "The growth of new orders and production accelerated during the month, adding strength to the index."
