US Manufacturing Slumps to Lowest Level in 3 Years

A person works at an injection molding station at the Polaris manufacturing and assembly plant in Roseau, Minn., on June 7, 2021. Dan Koeck/Files/Reuters

U.S. manufacturing activity contracted in March for the fourth straight month, dropping to its lowest level in nearly three years amid a sharp pullback in demand.

The Institute for Supply Management (ISM) said in an April 3 report that its Manufacturing Purchasing Managers’ Index (PMI) fell to 46.3 last month compared to 47.7 percent in February. Readings below 50 represent contraction.