http://hosted.ap.org/dynamic/stories/U/US_ECONOMY_MANUFACTURING?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-06-02-13-49-16
WASHINGTON (AP) -- The Institute for Supply Management twice corrected its May manufacturing index on Monday to show that factories grew at a strong pace during the month. The original report said that manufacturers had expanded at a weaker pace.
The index, a widely followed gauge of factory activity, now reads 55.4, up from 53.2 in the initial report. Any reading above 50 indicates expansion.
The corrected figures indicate that manufacturing is expanding at a healthy pace and should help the economy rebound after a weak start to the year. Nearly all of the 18 industries tracked by the index reported growth, led by furniture, electrical equipment, and appliances. Textiles, the only sector that didn't grow, were flat.
"They say that the third time is the charm," said Paul Ashworth, an economist at Capital Economics, in a research note. "Let's hope so for the ISM's sake... Based on the corrected survey, it appears that manufacturing activity is still gathering momentum."
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