The U.S. manufacturing sector shrank for the 14th consecutive month in March, and while the pace of decline was slower than expected, any increase in manufacturing jobs is still unlikely before next year. The Institute for Supply Management (ISM) reported Wednesday that its manufacturing index rose to 36.3 last month from 35.8 in February. A reading above 50 indicates expansion of the manufacturing sector, while a reading below 50 reflects contraction. The index hit a 28-year low of 32.9 in December. The survey covers indicators including new orders, production, employment, inventories, prices, and export and import orders. The ISM report said declines in new orders and employment continued, but slowed slightly. Still, none of the 18 manufacturing industries covered in the survey grew in March. “Momentum in manufacturing is still very much downward, but the rate of decline is slowing,” ISM survey chairman Norbert Ore said in a statement.
