U.S. manufacturing index slumps to eleven-year low in April
The ISM said its purchasing managers index slumped to 41.5 in April from 49.1 in March, with a reading below 50 indicating a contraction in manufacturing activity.
The manufacturing index showed a notable decrease compared to the previous month but still came in above economist estimates for a reading of 36.9.
With the decline, the purchasing managers index dropped to its lowest level since hitting 39.9 in April of 2009. ■