US Manufacturing Index Dips More Than Expected In March

WASHINGTON (dpa-AFX) – Manufacturing activity in the U.S. contracted at a slightly faster rate in the month of March, according to a report released by the Institute for Supply Management on Monday. The ISM said its manufacturing PMI dipped to 46.3 in March from 47.7 in February, with a reading below 50 indicating a contraction. Economists had expected the index to edge down to 47.5. With the bigger than expected decrease, the manufacturing PMI dropped to its lowest level since hitting 43.5 in May 2020. ‘With Business Survey Committee panelists reporting softening new order rates over the previous 10 months,…