WASHINGTON - U.S. manufacturing activity slowed more than expected in April amid a sharp drop in orders and construction spending fell in March, suggesting a moderation in economic growth.
The Institute for Supply Management said its index of national factory activity fell to a reading of 52.8 in April from 55.3 in March. A reading above 50 indicates growth in the manufacturing sector, which accounts for about 12 percent of the U.S. economy. The ADP figures came ahead of the Labor Department’s more comprehensive employment report on Friday, which includes both public-and private-sector employment.
The unemployment rate is forecast unchanged at 3.8 percent in April. The dollar was trading lower against a basket of currencies, while Treasury prices rose.In a third report, the Commerce Department said construction spending decreased 0.9 percent. Data for February was revised to show construction outlays rising 0.7 instead of increasing 1.0 percent as previously reported.
Increased state and local government spending on roads and highways helped to lift GDP growth to a 3.2 percent annualized rate in the first quarter, according to the advance estimate. The economy grew at a 2.2 percent pace in the October-December period.
We have a plan to responsibly eradicate the national debt in a year. Yogurt2020
i’m surprised they’re still using a term like labor market instead of something like talent or creative resource exchange pool.
makes sense
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »