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Manufacturing rises in April

Monday, May 2, 2005 | 9:26 a.m.

WASHINGTON -- The manufacturing sector expanded in April for the 23rd consecutive month, though the rate of growth slowed, continuing a trend that began in December.

The Institute for Supply Management said today that its index measuring manufacturing activity registered 53.3 in April, down from March's 55.2 reading. The performance was weaker than the 55.0 analysts had expected, putting the index at its lowest level since July 2003.

A reading of 50 or above in the index means the manufacturing sector is expanding, while a figure below 50 represents a contraction.

Also today, the Commerce Department said construction spending rose 0.5 percent to a record level in March, as building activity at offices and malls helped offset a slowdown in housing construction.

The increase pushed total construction activity to a seasonally adjusted annual rate of $1.05 trillion, an all-time high, the agency said.

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