With that said however, the details of the report indicate that the robust growth seen in manufacturing may soon be moving into a phase of more modest expansion. The forward looking components softened considerably. New orders fell 4.7 points to 63.3 and backlogged orders fell 6.5 points to 52.5. These are still strong, but are a significant deceleration. Changes in inventories also remained below the expansionary threshold for the second straight month, possibly indicating slower anticipated future demand growth. The report as a whole should be interpreted in a positive light, showing continued manufacturing strength; however, the fastest phase of growth may be slowing down somewhat.
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