News Summary: US factory growth slowed in May

FACTORY ACTIVITY SLOWS: U.S. manufacturing activity grew more slowly in May, according to the Institute for Supply Management. The trade group of purchasing managers said its manufacturing index fell to 53.5, down from 54.8 in April.

GROWTH CONTINUES: A reading above 50 indicates expansion. The manufacturing sector has grown for 34 straight months, according to the index.

MIXED RESULTS: The index fell mostly because hiring slowed and production declined. But a measure of new orders, which signals future growth, rose to the highest level in 13 months.