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U.S. manufacturing growth picks up pace in May

Xinhua, June 2, 2015 Adjust font size:

Economic activity in the U.S. manufacturing sector picked up pace in May, an industry survey showed on Monday.

The manufacturing index, also known as the purchasing managers index (PMI), registered 52.8 in May, up from April's reading of 51. 5, the Institute for Supply Management (ISM), a trade group of purchasing managers, said in a report. That is the highest reading since February.

A reading above 50 percent indicates the sector is generally expanding, while a reading below the ratio indicates contraction.

The ISM's new-orders index rose by 2.3 points to 55.8 in May, while the production index fell by 1.5 points to 54.5. The employment index rebounded by 3.4 points to 51.7, a positive sign for Friday's employment report.

Manufacturers surveyed hold a positive tone in terms of an improving economy, increasing demand, and improving flow of goods through the West Coast ports, but expressed their concerns over a strong U.S. dollar and challenges the oil and gas industries are facing, according to the survey.

Fourteen of the 18 manufacturing industries tracked by the ISM reported growth in May, while textile mills and computer & electronic products reported contraction in the month. Endite