MW: Factory sector down, but best since September: ISM
The factory sector contracted again in April, but the pace of decline slowed, according to the Institute for Supply Management index released Friday. The ISM index rose to 40.1% from 36.3% in March. It's the highest since September, showing that the pace of contraction is slowing. It was better than the 39.1% expected by economists. Readings under 50 indicate most firms surveyed by ISM said business was getting worse. The ISM has been below 50 for 15 straight months. The new orders index rose to 47.2% from 41.2% in March. The production index rose to 40.4% from 36.4% in March. The employment index 34.4% from 28.1% in March.
