The Institute for Supply Management's PMI index, which measures manufacturing activity, registered 61.1 percent in June. That's a decrease of 1.7 percentage points from the May 2004 figure of 62.8 percent, but it's still 10.7 percentage points higher than the June 2003 figure of 50.4 percent. An index above 50 indicates expansion within the manufacturing sector. A reading below 50 signifies contraction.