ISM manufacturing expansion slows down in March

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(Bert van Dijk via Flickr)

Manufacturing activity expanded at a slower pace in March, according to the Institute for Supply Management.

The latest ISM PMI came in at 51.5, missing expectations.

Expectations were for the report to come in at 52.5, down from 52.9 last month.

According to Bradley Holcomb, chair of ISM's manufacturing survey committee, "Comments from the panel refer to continuing challenges from the West Coast port issue, lower oil prices having both positive and negative impacts depending upon the industry, residual effects of the harsh winter, higher costs of healthcare premiums, and challenges associated with the stronger dollar on international business."

The report showed that the employment sub-index moved from expansion to unchanged.

The price paid sub-index, which has been plummeting as oil prices have declined, ticked up to 39 from 35 but still indicates declining prices for manufacturers.

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