Wednesday, July 02, 2003

The US Commerce Department reports today that factory orders rose 0.4% in May. This news comes on the heels of reports yesterday by the Institute for Supply Management that factory inventories and manufacturing employment continued to contract in June.

It looks like the US manufacturing sector is supplying new orders mainly out of inventories. Wary of diving into oversupplied markets, factories continue to hang out on the sidelines.

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