U.S. manufacturing sector slows modestly; supply bottlenecks appear to ease

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WASHINGTON(Reuters) – U.S. manufacturing activity slowed less than expected in July and there were signs that supply constraints are easing, with a gauge of prices paid for inputs by factories falling to a two-year low, suggesting inflation has probably peaked. The Institute for Supply Management (ISM) said on Monday that its index of national factory activity dipped to 52.8 last month, the lowest reading since June 2020, when the sector was pulling out of a COVID-19 induced slump. The ISM PMI index was at 53.0 in June. A reading above 50 indicates expansion in manufacturing, which accounts fo…

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