US Manufacturing Rises

Posted July 1st, 2011 at 2:25 pm (UTC-5)
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U.S. manufacturing made gains in June but American consumers grew more pessimistic.

Friday's report from a business group says a survey of purchasing managers showed the manufacturing sector expanding more quickly last month.

Manufacturing has been rebounding more quickly than other parts of the U.S. economy, which is still recovering from the worst recession in decades.

A separate report from the University of Michigan showed consumers became slightly gloomier about the economic outlook, due to concerns about high gasoline prices and continued problems in the job market.

Economists watch consumer sentiment for hints about the spending that drives most U.S. economic activity.