(RTTNews) - The Institute for Supply Management released a report on Wednesday showing a modest contraction by U.S. manufacturing activity in the month of April.
The ISM said its manufacturing PMI slipped to 49.2 in April from 50.3 in March, with a reading below 50 indicating contraction. Economists had expected the index to edge down to 50.0.
The slight pullback by the index came after it indicated a modest expansion in March following sixteen consecutive months of contraction.
"Although demand improvement slowed, output remains positive and inputs stayed accommodative," said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.
