US manufacturing still grows but at slower pace in March

Apr 01, 2013 | 02:55 PM | Corinna Petry

Tags  Institute for Supply Management, ISM, Purchasing Managers Index, defense spending, housing construction, Nigel Gault, IHS Global Insight, corinna petry

CHICAGO — U.S. manufacturing activity grew for a fourth straight month in March but at a slower pace as declines were seen in new orders, production and prices, according to the Institute for Supply Management (ISM).

The ISM’s purchasing managers index (PMI) for March dropped 2.9 percentage points from the previous month to 51.3, which still indicates overall growth in the domestic manufacturing economy.

The new orders index fell 6.4 percentage points to 51.4, the production index slipped 5.4 points to 52.2 and the prices index declined 7 points to 54.5.....

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