The Institute for Supply Management says its index of national factory activity falls to a reading of 55.4 in April from 57.1 in March
U.S. manufacturing activity slowed for a second straight month in April, but supply bottlenecks appeared to be easing, with the pace of increase in prices for inputs and the backlog of unfinished work at factories moderating.
Spending is also rotating back to services like travel, dining out and recreation, contributing to the cooling in manufacturing. Government data on Friday showed consumer spending on services increasing by the most in eight months in March, while outlays on long-lasting manufactured goods dropped for a second consecutive month.
But there are signs of some improvement in supply. The survey’s gauge of order backlogs dropped to a reading of 56 from 60.0 in March. It was the second straight monthly decline.
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