Growth in U.S. manufacturing slowed in April partly due to a snarled global supply chain after hitting a 37-year high in March.
The Institute for Supply Management, a trade group of purchasing managers, said Monday that its index of manufacturing activity fell last month to a reading of 60.7. That was down from a March reading of 64.7, which had been the highest level since December 1983.
Any reading above 50 indicates manufacturing is expanding. April was the 11th consecutive month manufacturing has grown after contracting in April 2020, when the country was struggling to deal with the shutdowns caused by a global pandemic.
The slowdown in April reflected a number of problems facing U.S. factories including disruptions in supply chains for critical components such as computer chips.