U.S. manufacturing activity cools in April
Xinhua, May 1, 2017 Adjust font size:
U.S. manufacturing activity expanded at a slower pace in April, as new orders and employment pulled back in the month.
The manufacturing index, also known as the purchasing managers index (PMI), registered 54.8 in April, down from the reading of 57.2 in March, the Institute for Supply Management (ISM) said in a report on Monday.
A reading above 50 indicates the sector is generally expanding, while a reading below that level indicates contraction.
The new orders index dropped 7 points from the previous month to 57.5; employment index also plunged 6.9 points to 52; while production index went up one point to 58.6.
Of the 18 manufacturing industries, only apparel industry reported contraction in April.
"We' re off to a solid start. Each month of 2017 is higher so far than any month in 2016," Bradley Holcomb, chairman of the ISM survey committee, said on Monday. Enditem