WASHINGTON: U.S. manufacturing activity slowed to a 2-1/2-year low in April amid a sharp drop in new orders while construction spending unexpectedly fell in March, suggesting economic growth was moderating after surging in the first quarter.
The ISM said its index of national factory activity fell to 52.8 in April, the lowest reading since October 2016, from 55.3 in March. A reading above 50 indicates expansion in the manufacturing sector, which accounts for about 12 percent of the U.S. economy. Machinery and transportation equipment manufacturers said they were also monitoring the situation on the U.S. southern boarder. Trump has repeatedly threatened to shut down the border because of a surge in illegal immigrants seeking to enter the United States.
"The U.S. manufacturing sector remains under pressure," said Sarah House, a senior economist at Wells Fargo Securities in Charlotte, North Carolina."We expect the sector's contribution to payrolls to be noticeably more minimal in the months ahead." The ADP report has a poor record of predicting the private payrolls component of the government's employment report.
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