The Electrical Equipment, Appliances & Components industry segment was one of seven industry segments that reported growth in June 2012, even as the manufacturing sector reported its first month of contraction in three years, according to the Manufacturing ISM Report On Business.
Economic activity in the overall U.S. manufacturing sector contracted in June 2012 for the first time since July 2009, while the overall economy continued to grow for the 37th month running, ISM said. Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Manufacturing Business Survey Committee, said the PMI composite index was 49.7% in June, down 3.8 percentage points from May's 53.5%. A PMI of greater than 50% indicates expansion in the manufacturing economy.
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