ISM Manufacturing Index Dips in March But Shows Expansion
U.S. manufacturing activity slipped in March from February but showed continued expansion, the Institute for Supply Management said Monday.
ISM’s monthly factory index fell to a reading of 51.3 from 54.2 in February, the group said in its monthly report.
Figures of less than 50 indicate contraction, while figures of more than 50 show expansion.
The reading was below economists’ median forecast of a 54 reading, Bloomberg News reported.
The production index fell 5.4 points to a 52.2 reading, while new orders declined 6.4 points to 51.4. The employment gauge rose 1.2 points to 54.2.
The ISM factory index measures manufacturing components of the economy.
