US economic activity in March slightly lower than expected

However, the purchasing managers' index for the manufacturing industry rose to 52.4 from 51.6 the previous month. Analysts had, on average, expected a decline to 51.5.

In the services sector, the index fell to 51.1 from 51.7 in February. This is lower than the forecast of 52.0.

Overall, this gives a composite index of 51.4, down from 51.9 the previous month. The average forecast among analysts was 51.9.

An index value below 50 indicates reduced activity in the economy.