WASHINGTON – A private survey says U.S. manufacturers expanded in April for the second straight month, suggesting that factories are adapting to a strong dollar and economic weakness overseas.
The Institute for Supply Management manufacturing index came in at 50.8, down from March's 51.8 reading but above the 50 threshold that signals growth. The March number had snapped a five-month losing streak for manufacturers.
New orders and production grew more slowly last month than they did in March. A measure of employment fell, suggesting that factories are cutting workers.
The ISM, a trade group of purchasing managers, surveys about 200 U.S. companies each month.