TEMPE, Ariz., May 1 (UPI) -- U.S. manufacturing activity declined in April for the 15th straight month but the pace continues to slow, a report issued Friday said.
"The decline in the manufacturing sector continues to moderate. After six consecutive months below the 40-percent mark, the (manufacturing index), driven by the new orders index at 47.2 percent, shows a significant improvement," the Institute for Supply Management's report said. "While this is a big step forward, there is still a large gap that must be closed before manufacturing begins to grow once again."
The index must be above 50 to indicate growth.
British manufacturing also showed decline was slowing last month.
The only U.S. manufacturing index reporting growth in April was miscellaneous manufacturing. Among industries reporting contraction in April were printing, apparel, textile mills, chemical products, furniture, petroleum and coal products, and food, beverage and tobacco products.
While April marked the 15th consecutive month that manufacturing economic activity failed to grow, the report from the Tempe, Ariz., institute said the contraction had slowed in all segments.
One segment, supplier deliveries, was moving in a positive direction, the report said.
ISM officials said respondents in several sectors indicated they were hearing about upticks in orders in some segments, but not all.
