Manufacturing growth slows

U.S. manufacturers grew at a slower pace in May, as production levels fell slightly. The Institute for Supply Management, an association of purchasing managers, says that its manufacturing index slipped to 52.1 last month, down from 52.8 in April. Any above 50 signals an expansion in manufacturing. The sector has been reporting growth for 33 months. The productivity measure slumped in May, although new orders and employment both improved. Multiple companies surveyed for the index said that import taxes imposed by President Donald Trump on China were a concern.