Investing.com - Manufacturing activity in the U.S. expanded at a slower rate than expected in April, underlining concerns over the fragile U.S. economic recovery, industry data showed on Wednesday.
In a report, the Institute for Supply Management said its index of purchasing managers fell to 50.7 in April from a reading of 51.3 in March.
Analysts had expected the ISM index of purchasing managers to fall to 50.9 in April.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices fell to 50.0 from 54.5 in March. The New Orders Index registered 52.3, while the Employment Index declined to 50.2.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD adding 0.39% to trade at 1.3219.
Meanwhile, U.S. equity markets were lower after the open. The Dow Jones Industrial Average shed 0.2%, the S&P 500 index fell 0.2%, while the Nasdaq Composite index was flat.
In a report, the Institute for Supply Management said its index of purchasing managers fell to 50.7 in April from a reading of 51.3 in March.
Analysts had expected the ISM index of purchasing managers to fall to 50.9 in April.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices fell to 50.0 from 54.5 in March. The New Orders Index registered 52.3, while the Employment Index declined to 50.2.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD adding 0.39% to trade at 1.3219.
Meanwhile, U.S. equity markets were lower after the open. The Dow Jones Industrial Average shed 0.2%, the S&P 500 index fell 0.2%, while the Nasdaq Composite index was flat.