U.S. manufacturing activity remained robust in April but the pace of growth slowed, according to the Institute for Supply Management’s monthly Manufacturing ISM Report on Business.
The April PMI registered 57.3%, the second consecutive monthly decrease and down two percentage points from the March reading of 59.3%. That said, February’s PMI, which came in at 60.8%, was the highest recorded in the past 12 months.
A reading above 50% indicates that the manufacturing industry generally is growing, while a reading below 50% indicates general contraction.
