U.S. manufacturing contracted unexpectedly in June, the first time in almost three years, reports Bloomberg News:
The Institute for Supply Management’s manufacturing index fell to 49.7, worse than the most-pessimistic forecast in a Bloomberg News survey, from 53.5 in May, the Tempe, Arizona- based group’s report showed today. Figures less than 50 signal contraction. The medianforecast in the Bloomberg survey called for a decline to 52.