U.S. factory activity expanded for the eighth straight month in April, a sign of continuing but slower growth for the manufacturing sector.
The Institute for Supply Management on Monday said its closely watched index of U.S. manufacturing activity fell to 54.8 in April from 57.2 in March. A number above 50 indicates expansion.
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Economists surveyed by The Wall Street Journal had expected an April reading of 56.5.
Factory activity reached a two-and-a-half year high in February. The ISM gauge has declined each month since, though it remains well into positive territory.
The ISM indexes for new orders and employment both fell sharply.
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(END) Dow Jones Newswires
May 01, 2017 10:44 ET (14:44 GMT)