Tempe, AZ, July 1--Manufacturing grew at a faster pace in June while price pressures eased, the Institute for Supply Management said Friday.
The ISM index rose to 53.8% in June from 51.4% in May. Prices paid fell to 50.5% from 58.0% in May, the lowest since February 2002. The new orders, production and employment indexes all improved from May levels. Economists were expecting the main index to rise to 51.5%.
Readings over 50% indicate expansion. The ISM has been above 50% for 25 straight months. "We may be through the 'soft patch' that many observers touted," said Norbert J. Ore of the ISM.
