US manufacturing sector weakest in nearly three years in March ISM

WASHINGTON (Reuters) – U.S. manufacturing activity slumped to the lowest level in nearly three years in March as new orders continued to contract, and activity could decline further amid tightening credit conditions. The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI fell to 46.3 last month, the lowest reading since May 2020, from 47.7 in February. Economists polled by Reuters had forecast the index dipping to 47.5. It was the fifth straight month that the PMI remained below the 50 threshold, which indicates contraction in manufacturing. But so-called hard data have suggested that manufacturing, which accounts…