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NEW YORK (AP) - For the fourth month in a row, the nation's factories, plants, mines and utilities, among others, have been humming along, overcoming rising prices for food and fuel that have helped drag down the rest of the economy.
The Institute for Supply Management said Friday that its manufacturing index rose in May to its highest level in a year, providing hope that the economy will continue to expand despite a housing slump and rising gas prices.
The index registered 55, above the April reading of 54.7 and higher than the market expectation of 54. It hit 54.7 in May 2006.
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