U.S. Manufacturing Growth Slows More Than Expected In April
May 02 2016 - 6:12AM
RTTF2
Growth in U.S. manufacturing activity slowed by more than
expected in the month of April, according to a report released by
the Institute for Supply Management on Monday.
The ISM said its purchasing managers index dipped to 50.8 in
April from 51.8 in March, although a reading above 50 indicates
growth in the manufacturing sector. Economists had expected the
index to edge down to 51.5.
The bigger than expected decrease by the headline index was
partly due to a slowdown in the pace of growth in new orders, as
the new orders index fell to 55.8 in April from 58.3 in March.
The production index also dropped to 54.2 in April from 55.3 in
March, while the supplier deliveries index slid to 49.1 from
50.2.
On the other hand, the employment index rose to 49.2 in April
from 48.1 in March, but the reading below 50 continues to indicate
a contraction.
The prices index also surged up to 59.0 in April from 51.5 in
March, indicating higher raw materials prices for the second
consecutive month.
Wednesday morning, the ISM is scheduled to release a separate
report on activity in the service sector in the month of April. The
service index is expected to inch up to 54.7 in April from 54.5 in
March.
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