U.S. manufacturing growth slowed in April for the fifth straight month, but economists said the further evidence of an economic soft patch was not likely to deter the Federal Reserve from raising interest rates. Data from the Institute for Supply Management on Monday showed the industry group's index of national factory activity fell to 53.3 in April from 55.2 in March. Wall Street analysts had predicted the survey would show little change. The April index receded to the lowest level since July, 2003. However, a reading above 50 still indicates the factory sector is growing, which it has done for nearly two years. "The jury is still out on the depth and size of the soft patch in the economy due to the jump in oil prices, and these reports do not answer that question decisively," said Lynn Reaser, chief economist at Banc of America Capital Management in Boston. The prices paid portion of the index dipped to 71 from 73. But economists said prices remain strong and that the Fed will continue to focus on inflation over evidence of a slowing economy when considering its rate policy on Tuesday. --More 2338 Local Time 2038 GMT
