© Stout
It was bad news Friday for the U.S. economy.

Not only did the unemployment rate rise for the first time in 11 months, and auto sales indicate slowing demand, but the pace of growth in the manufacturing sector, which has been a buzzing engine for the economy, also slipped a bit in May.

The Institute for Supply Management's widely-watched manufacturing survey showed that the growth rate of the nation's factory output slipped to 53.5 from 54.8. It was the 34th straight month of growth. (A reading above 50 indicates expansion.)

On the bright side, the new orders index hit 60.1 percent in May, up 1.9 percentage points and the highest since April 2011.