WASHINGTON--U.S. manufacturers say they expanded at a slower pace in March, with many factories saying they're having a tough time getting supplies in order to meet demand from customers. The Institute for Supply Management, a trade group of purchasing managers, reported Monday that its manufacturing index slipped to 59.3 last month from February's reading of 60.8, which had been the highest since 2004. Any score above 50 signals growth.
"The details of the March data point to the steady growth in the factory sector seen over the past several quarters being sustained," says Richard Moody, the chief economist at Regions Financial.