U.S. Manufacturing Grows at the Slowest Pace in 11 Months

NEW YORK (Reuters) – U.S. manufacturing grew in June at its slowest pace in 11 months and hiring in the sector slowed asoverseas demand for U.S. products waned, an industry survey showed on Thursday.

Financial information firm Markit said its U.S. “flash” manufacturing Purchasing Managers Index fell to 52.9 from 54.0 in May. The June reading was the lowest since last July although it stayed above 50, indicating expansion in activity.

For the second straight month, weaker demand from Europe and large emerging markets such as China dented sales. Markit said U.S. manufacturers reported the second largest decline in new export orders since September 2009.”

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