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.