Pace of Manufacturing Decline Slows in March

Tempe, AZ, April 1, 2009–The Institute for Supply Management said that its measure of the health of the manufacturing sector contracted for the 14th straight month in March, but at a slower pace than expected.

The Tempe, Ariz.-based ISM says its manufacturing index rose to 36.3 percent last month from 35.8 percent in February. Economists expected the index to rise to 36.

A reading below 50 signals contraction. The index hit a 28-year low of 32.9 in December.

The report says declines in new orders and employment persisted, but moderated a bit. Still, none of the 18 manufacturing industries grew in March.