US manufacturing PMI falls to 4-month low

By Ovunc Kutlu

ISTANBUL (AA) - The US Manufacturing Purchasing Managers’ Index (PMI) fell in March to its lowest in four months, global data provider S&P Global said Tuesday

The index, which measures the activity level of purchasing managers in the manufacturing sector, fell two points to 49.9 in March, down from 51.9 in February, according to initial figures.

The expectation for the index was to come in at 52.0.

A reading above 50 indicates expansion and below 50 shows contraction.

"Slower increases in activity were recorded across both the manufacturing and services sectors, with rates of growth easing to three- and five-month lows respectively," it said.

"Some service providers suggested that elevated interest rates and high prices had restricted demand during the month," it added. "Meanwhile, manufacturers often linked lower new orders to inflationary pressures, weak demand and sufficient stock holdings at customers."