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Manufacturing index rises

Monday, Aug. 2, 2004 | 9:07 a.m.

NEW YORK -- U.S. manufacturing strengthened in July as factories reported gains in orders and production, an industry survey showed today.

The Institute for Supply Management's factory index for last month rose to 62.0, as expected, from 61.1. The index has shown expansion, marked by readings higher than 50, since May 2003 and exceeded 60 since November. A measure of prices paid by manufacturers for raw materials fell.

Increased industrial production will probably give the expansion a boost after it slowed in the April-June period, economists said.

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