Economists had expected a reading of 48.7 in the factory index, based on the median of 68 forecasts in a Bloomberg News survey.
The Tempe, Ariz., group surveys more than 400 companies in
20 industries, including clothing, printing, transportation,
furniture and plastics. Manufacturing accounts for about one-
seventh of the economy.
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The Commerce Department said construction spending fell by
0.3 percent in April, the third monthly decrease.
Bloomberg News
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