The biggest part of the economy slowed in March, ISM finds, as strains mount
The numbers: A bellwether of business conditions at U.S. companies fell to a three-month low of 51.2% in March, signaling slackening growth as strains mount on the economy.Numbers above 50% indicate companies are expanding, but the latest survey suggests... The numbers: A bellwether of business conditions at U.S. companies fell to a three-month low of 51.2% in March, signaling slackening growth as strains mount on the economy.
The closely followed ISM reports are the first major indicators of each month to offer clues on how well the economy is performing. While the large service sector of the economy is still growing, manufacturers have fallen into a slump of sorts.Key details: Most of these companies have been expanding as consumers shift to spending more on services instead of goods like they did during the pandemic.
“Economic uncertainty is still a concern, and interest rates are continuing to be monitored closely,” an executive at a financial company told ISM.
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