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June 2, 2020

Factories sink for 3rd straight month

WASHINGTON (AP) — American factories slowed for the third consecutive month in May as they continued to sustain economic damage from the coronavirus pandemic.

The Institute for Supply Management, an association of purchasing managers, said Monday that its manufacturing index came in at 43.1 last month after registering 41.5 in April. Anything below 50 signals that U.S. manufacturers are in retreat. New orders, production, hiring and new export orders all fell in May but at a slower pace than they did in April.


 
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