Investing.com - Manufacturing activity in the U.S. fell slightly less than expected in March, according to an industry report released on Monday.
The Institute for Supply Management (ISM) said its index of manufacturing activity fell to 57.2 last month from February’s reading of 57.7.
Analysts had forecast a decline to 57.0.
A reading above 50.0 indicates expansion in the manufacturing sector, below indicates contraction.
The ISM indicated that the survey suggested that the overall economy had grown for the 94th consecutive month.
“Consistent with generally positive comments from the panel, all 18 industries reported growth in new orders for the month of March,” the ISM noted.
The new orders index dropped to 64.5 in March from 65.1 a month earlier.
The employment index increased to 58.9 last month from the prior 54.2 and compared to forecasts for a rise to 54.8.
The prices paid index unexpectedly rose to 70.5.0 in March, from the previous reading of 68.0. Economists had forecast a drop to 66.0. The reading indicated higher raw materials prices for the 13th consecutive month.
After the report, which was published simultaneously with construction spending for February, EUR/USD was trading at 1.0669 from around 1.0663 ahead of the release of the data, GBP/USD was at 1.2509 from 1.2502 earlier, while USD/JPY was at 111.29 from 111.36 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 100.38, compared to 100.44 ahead of the report.
Meanwhile, U.S. stock markets were trading mixed after the open. The Dow 30 edged down 12 points, or 0.06%, the S&P 500 lost 3 points, or 0.13%, while the Nasdaq Composite slipped 1 point, or 0.02%.
Elsewhere, in the commodities market, gold futures traded at $1,250.25 a troy ounce, compared to $1,250.05 ahead of the data, while crude oil changed hands at $50.38 compared to $50.52 earlier.