Food sector expected to have led manufacturing recovery in June
FACTORY OUTPUT likely recovered in June amid a resurgence in food manufacturing as effects of the drought tapered off, Moody’s Analytics said.
In a report over the weekend, the unit of credit rater Moody’s Investors Service said manufacturing likely grew by 5.1% that month, rebounding from a “surprising” 1.2% drop seen in May and from a 1.7% contraction recorded a year ago.
Sans May, such a pace would still be the weakest since the year began.
Credit analyst Jack Chambers said May’s decline was not likely to recur, with strong domestic demand expected to have anchored growth in industrial production.
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