The pace of U.S. manufacturing growth fell in February to its slowest in 13 months, according to an industry report released on Monday.
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The Institute for Supply Management (ISM) said its index of national factory activity fell to 52.9 from 53.5 the month before. The reading was shy of expectations of 53.0, according to a Reuters poll of economists, and was the lowest reading since January 2014.
A reading above 50 indicates expansion in the manufacturing sector. Most components of the index declined, suggesting a slowing in growth in the factory sector, though the main index's 50-plus reading marks the 28th consecutive month of growth in manufacturing.
The new orders index eased to 52.5 from 52.9 in January. The prices paid index was unchanged at 35, and the employment index fell to 51.4 from 54.1.
(Reporting By Michael Connor in New York; Editing by Meredith Mazzilli)