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Manufacturing growth mostly flat in August as sector expanded for 25th straight month
WASHINGTON (AP) ' Manufacturing grew a little slower in August than the previous month, but didn't contract as some had feared. The 25th straight month of growth was a hopeful sign that U.S. factories weathered a difficult summer for the economy.
The Institute for Supply Management says its manufacturing index slipped to 50.6 last month, down slightly from a reading of 50.9. Any reading under 50 indicates contraction.
Stocks rose after the report was released. Investors were expecting the index to come in under 50 for the first time since July 2009, one month after the recession ended.