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U.S. manufacturing activity grew in July at its slowest pace this year, as a stream of new orders tapered off. But the manufacturing index still performed better than expected.
The Institute for Supply Management says its index of national factory activity fell to about 55.5, down 0.7 points from June. It's the third consecutive monthly decline. Also, July's new orders index dropped to the lowest level since June 2009 at 53.5, down 5 points from June.
Despite a slowing growth in the nation's manufacturing sector, most economists see the probability of another severe downturn in the near future as unlikely.