Investing.com - Manufacturing activity in the U.S. expanded at a slower than expected rate in April, adding to concerns over the outlook for second quarter growth, according to an industry report released on Monday.
The Institute for Supply Management said its index of manufacturing activity fell to 50.8 last month from March’s 51.8.
Analysts had expected the factory index to tick down to 51.4.
A reading above 50.0 indicates expansion in the manufacturing sector, below indicates contraction.
The new orders index ticked down to to 55.8 from 58.3 a month earlier.
The employment index rose to 49.2 from 48.1 in March.
The prices paid index rose to 59.0 from 51.5, compared to expectations of 52.0.