Image: Scott Wilkerson, assembly line
Rainier Ehrhardt  /  AP
Scott Wilkerson assembles an electric vehicle April 22 at the Club Car headquarters in Augusta, Ga. A private trade group says the U.S. manufacturing sector expanded in May, marking the 10th consecutive month of growth.
updated 6/1/2010 10:45:44 AM ET 2010-06-01T14:45:44

A private trade group said the U.S. manufacturing sector expanded in May, marking the 10th consecutive month of growth.

The Institute for Supply Management, a trade group of purchasing executives, said Tuesday its manufacturing index dipped to 59.7 in May from 60.4 in April. A level above 50 indicates expansion.

"We haven't lost much in the way of momentum," said Norbert Ore, chairman of the ISM's manufacturing survey on a conference call.. "The manufacturing sector continues to move ahead."

Economists polled by Thomson Reuters had expected the index to dip slightly to a reading of 59.

New orders, a gauge of future production, were unchanged at 65.7. Export orders grew despite concerns about growth in Europe and Asia. That's "unquestionably a positive," wrote Dan Greenhaus, chief economic strategist with Miller Tabak & Co.

ISM said its employment index, which measures employers' willingness to hire, rose 1.3 percentage points to 59.8.

© 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.86%
$30K home equity loan FICO 5.20%
$75K home equity loan FICO 4.57%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.40%
Cash Back Cards 17.92%
17.92%
Rewards Cards 17.13%
17.12%
Source: Bankrate.com