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Hammering away at manufacturing

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After a string of bad news in manufacturing, the Financial Times reports unexpected gains in the sector for the first time in five months.

“The Institute of Supply Management manufacturing index offered markets some respite,” the paper reports. “The gauge rose from 49.6 in May to 50.2 last month. A reading above 50 signals expansion. Economists had expected the series, which has been inching upward since January, to slip back in June.”