The manufacturing sector expanded in April for the 23rd consecutive month, but at a slower pace than in March.
The Institute for Supply Management said Monday that its index measuring manufacturing activity registered 53.3 in April, down from March’s 55.2 reading. The performance was a bit weaker than the 55 analysts had expected, putting the index at its lowest level since July 2003. A reading of 50 or above in the index means the manufacturing sector is expanding.
