Industry Grows at Slower Rate

The dollar has been gaining ground against world currencies, especially the Euro, in recent months. The relative movement in the dollar is a likely cause of exports contracting faster each of the last three months. Future business expectations are still strong. The index value is still above the long-term average. However, May was the lowest reading for future business expectations since June 2011. Finally, metalworking facilities are indicating that their rate of spending on capital equipment for the next 12 months will remain fairly similar to the amount spent in the last quarter or two.