U.S. manufacturing activity slowed to a 2-1/2-year low in April as new orders dropped while construction spending unexpectedly fell in March, suggesting economic growth was moderating after surging in the first quarter.
One of the reports from the Institute for Supply Management (ISM) showed businesses increasingly anxious that President Donald Trump’s threats to close the U.S.-Mexico boarder would further disrupt the supply chain. The Federal Reserve kept U.S. interest rates unchanged on Wednesday, noting solid economic growth in the first quarter, and also holding out hope that inflation will rise toward the U.S. central bank’s 2% target.