The pace of expansion in the U.S. manufacturing sector unexpectedly slowed in March, according to an industry report released on Monday.
The Institute for Supply Management (ISM) said its index of national factory activity fell to 51.3 from 54.2 the month before. The reading was shy of expectations of 54.2 according to a Reuters poll of economists.
A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.
The new orders index fell to 51.4 from 57.8. The prices paid gauge slid to 54.5 from 61.5, compared to expectations of 59.8.