Manufacturing grows for 12th straight month

U.S. manufacturing grew for a 12th straight month in July, providing a boost to the slowing economic recovery.

And many manufacturers said they are willing to hire, a sign that the industry could help ease the nation's high unemployment rate in the months ahead.

The latest report from the Institute for Supply Management did note Monday that manufacturing growth has cooled in the past three months. But much of that was expected. Many businesses are no longer building up their stocks after slashing them during the worst recession in decades.

Wall Street reacted favorably to the first major economic indicator for July. The Dow Jones industrial average …