Manufacturing in third month of declines

TEMPE, Ariz., May 1 (UPI) -- The Institute for Supply Management said Thursday U.S. manufacturing in April slid for the third consecutive month.

New orders and production "are slowly declining," the report said. "But prices continue to rise at highly inflationary rates."

Backlog of orders offered the one "bright spot," the report said, growing after six months of declines.

Seven industries, including computers and electronics, printing, paper products, transportation equipment, machinery and chemical products grew in April, while wood products, textiles, electrical equipment -- including appliances -- food, fabricated metal and plastic and rubber products contracted during the month.

The overall Purchasing Managers Index came in below the break even figure of 50 at 48.6 in April.

Figures on production, new orders, employment and inventories all contracted.

Exports on the month came in positive at 57.5. Supplier deliveries registered 54 and prices came in well above break-even at 84.5.