ISM survey shows manufacturing sector expansion slows
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Factory activity slowed in March as new orders weakened, but a rebound in construction spending in February was another sign of faster economic growth in the first quarter.
The Institute for Supply Management said on Monday its index of national factory activity fell to 51.3 last month from 54.2 in February. A reading above 50 indicates expansion in the manufacturing sector.
The report was at odds with other data showing growth in the nation's factories picked up in March on strong orders, closing out the best quarter for the sector in two years.
Financial data firm Markit said its U.S. Manufacturing Purchasing Managers Index rose to 54.6 last month from 54.3 in February. A reading above 50 indicates expansion.
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