WASHINGTON: US 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 ISM's new orders sub-index dropped 5.7 points to a reading of 51.7 last month. A measure of export orders also fell and factories reported a decline in hiring, with a measure of manufacturing employment falling to 52.4 from 57.5 in March. The ADP report, which is jointly developed with Moody's Analytics, has a poor record predicting the private payrolls component of the government's employment report. Moody's Analytics said the private job count in April was likely overstated by technical factors.
Construction spending data for January was also revised lower to account for additional projects identified as eligible for inclusion in the series. Increased state and local government spending on roads and highways helped to lift GDP growth to a 3.2 per cent annualised rate in the first quarter, according to the advance estimate. The economy grew at a 2.2 per cent pace in the October-December period.
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