MANUFACTURING FALTERS

American manufacturing slowed in June for the second month in a row after 20 consecutive months of advances, according to the National Association of Purchasing Management. The June level is the lowest since May, 1991. But as business slows at home, it seems to be strengthening abroad. One bright spot in the NAPM report: export orders were up, a reflection of productivity improvements, a cheaper U.S. dollar and softening prices for raw materials.