Manufacturing activity in the U.S. contracted at a slightly faster rate in the month of March, according to a report released by the Institute for Supply Management on Monday.
The ISM said its manufacturing PMI dipped to 46.3 in March from 47.7 in February, with a reading below 50 indicating a contraction. Economists had expected the index to edge down to 47.5.
With the bigger than expected decrease, the manufacturing PMI dropped to its lowest level since hitting 43.5 in May 2020.
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