According to the Associated Press, manufacturing businesses grew last month, just not as much as some expected.
The nation’s manufacturing sector expanded in June, but at a slower pace than analysts expected. Raw materials prices eased a bit.
Just because things are moving along slower than expected shouldn't unnecessarily alarm anyone. This trend does reinforce...
...the belief of many experts that the U.S. economy has begun to slow as higher interest rates have reduced demand for housing while rising fuel prices have put a crimp in consumer spending.
A crimp, maybe, but not a tourniquet.
The ISM (Institute for Supply Management) report said 14 industries reported growth in June: petroleum, tobacco, instruments and photographic equipment, furniture, chemicals, wood and wood products, paper, primary metals, industrial and commercial computers, fabricated metals, food, transport and equipment, electronic components and equipment, and the miscellaneous category.
OK, I'll bite. What's the "miscellaneous" category?
So, keep plugging away all you hard workers. You're the steam that keeps this engine chugging away.
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