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American Manufacturing Growth Slows
U.S. factory activity expanded in April at the slowest pace this year, according to the Tempe, Ariz.-based Institute for Supply Management.
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U.S. factory activity expanded in April at the slowest pace this year, according to the Tempe, Ariz.-based Institute for Supply Management.
The research group's index of factory activity slid to 50.7 last month from 51.3 in March. Any reading above 50 indicates expansion.
ISM says April's growth was inhibited by inventory drawdown and weak hiring. Increases in new orders and order backlogs signal that manufacturing growth could pick up in coming months, analysts say.
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