Daily News: July 2, 2012

Manufacturing Probably Grew at Slowest Pace in Eight Months

Bloomberg reported that economists are saying that manufacturing probably expanded in June at the slowest pace in eight months, indicating the industry may provide less support for the U.S. expansion. Bloomberg said manufacturing accounts for about 12% of the economy and has been at the forefront of the recovery that began in June 2009.

Bloomberg noted that Federal Reserve policy makers said they are ready to take more steps should the U.S. expansion slacken. Fed officials said in a policy statement on June 20 that they expect “economic growth to remain moderate over coming quarters and then to pick up very gradually.”

To read the Bloomberg story, click here.