US manufacturing activity grew for the fourth consecutive month in February but the pace slackened, a closely watched industry survey showed this afternoon.
The Institute for Supply Management purchasing managers' index fell to 50.5 points in February from 53.9 in January. Any figure over 50 indicates growth.
'The manufacturing sector continued to grow in February but the rate of growth slowed when compared to January,' ISM survey chief Norbert Ore said in a statement.
A breakdown of the figures showed that the new orders index fell to 52.3 points in February from 59.7 in January, indicating a slower expansion, while the employment index tumbled to 42.8 in February from 47.6, indicating a deepening slump in factory jobs. It was the 29th consecutive month of declining employment.
'While production remained strong, there was a significant slowing in the rate of growth of new orders,' Ore said.
