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Manufacturing expands at slower-than-expected pace

Wednesday, June 1, 2005 | 10:51 a.m.

NEW YORK -- U.S. manufacturing expanded at a slower-than-expected rate in May, hampered by energy prices and industrial companies working through excess inventory, especially in the automobile sector, figures from a private research organization showed today. Stock prices rose on speculation that the weak performance could discourage the Federal Reserve from hiking interest rates.

While manufacturing activity expanded in May for the 24th consecutive month, the rate has slowed in each of the last six months, and May's reading was the lowest since June 2003, according to the Institute for Supply Management.

In contrast, a separate report by the Commerce Department said construction spending rose 0.5 percent to a record level in April, as office construction surged and activity in the housing market hit an all-time high.

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