AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Byline: KIRK SHINKLE
Factory activity fell again in April for a fifth straight month, offering another variation on the U.S. economy's dominant theme: slower, yes, but still growing.
The Institute for Supply Management's manufacturing index slid to 53.3 from 55.2 in March. That's the lowest since July 2003. New orders hit lows not seen since May 2003. Analysts had expected the index to stay nearly flat.
Readings over 50 signal growth.
"There's a general deceleration in the manufacturing growth rate going into the second quarter," said Daniel Meckstroth, chief economist for the Manufacturers Alliance/MAPI.
Monday's news also means no last-minute surprises ahead of Tuesday's Fed meeting. Central bankers are seen adding a quarter-point to interest rates for an eighth straight meeting, hiking rates from 2.75% to 3%.
Oil prices have been a major factor in recent months restraining producers and consumers.