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The overall gain in factory orders follows another report that shows manufacturing activity picked up in June. The Institute for Supply Management's index of manufacturing activity rose to 50.9 from 49. Any reading above 50 indicates expansion. The ISM index showed that new orders and production both jumped. But a gauge of employment fell sharply, suggesting factories cut jobs for the fourth straight month. The U.S. economy expanded at only a 1.8 percent annual rate in the first three months of the year, the Commerce Department said last week. That was much slower than its previous estimate of a 2.4 percent rate. The main reason for the downgrade was consumers spent less on services than initially thought. Spending on long-lasting factory goods, such as cars and appliances, was stronger. Economists expect growth remained tepid in the April-June quarter. Most estimates range between a rate of 1.5 percent and 2 percent.
[Associated
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