US manufacturing slows in April
US manufacturing continued to grow at a sluggish pace in April, partly hurt by the strong dollar but supported by cheap energy, the Institute for Supply Management said Wednesday.
But, in the separate University of Michigan consumer survey, consumer optimism surged last month to its second highest level since 2007, helped by gains in jobs and incomes.
The ISM purchasing managers index for the manufacturing sector was unchanged from March at 51.5, and remained well below the 12-month average of 55.2.
A reading above 50 on the PMI, based on a survey of 18 manufacturing industries, indicates expansion.
Two of the 18 sectors said activity had contracted in the month: apparel, leather and related products; and computer and electronic products.
There were some signs of improvement in the month: new orders and production both picked up pace, and prices gained.
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