U.S. Manufacturing Up in May Jun 2, 2009

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The Institute for Supply Management said that its index on manufacturing for May came in at 42.8 — its highest level since September 2008— compared with 40.1 in April. A reading below 50 still indicates contraction, but the measure has been shrinking more slowly every month since December.

An index of new orders rose to 51.1 in May from 47.2 in April, and the production index came in at 46 from 40.4 in April — the ninth consecutive decline.

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