Manufacturing sector grows for 23rd straight month

The rate of increase in prices slowed for the second consecutive month, dropping 8.5 percentage points in June to 68 percent after a 9 percentage point drop in May the lowest figure since August 2010 when the index registered 61.5 percent. 

"While the rate of price increases has slowed and the list of commodities up in price has shortened, commodity and input prices continue to be a concern across several industries,” the report said. 

Of the 18 manufacturing industries, 12 reported growth in June, led by miscellaneous manufacturing, printing, computer and electronic products as well as paper products and textile mills.

Heading into the Independence Day weekend, the markets got a boost from the manufacturing data, which exceeded economists' estimates.