ISM Manufacturing Index Declines But Shows Expansion

U.S. manufacturing activity’s rate of expansion slowed in April, the Institute for Supply Management said Wednesday.

ISM’s monthly factory index fell to a reading of 50.7 from 51.3 in March, the group said in its monthly report.

Figures of more than 50 indicate expansion, while figures below that level show contraction. 

The reading was about in line with economists’ forecasts, Bloomberg News reported.

Fourteen of 18 manufacturing groups showed expansion, ISM said. The production index rose 1.3 points to a 53.5 reading, and new orders rose 0.9 points to 52.3.

ISM’s factory index measures manufacturing components of the economy.