U.S. manufacturing industries expand at slowest pace in a year

A decline in overseas demand for American products and domestic energy production has led to the slowest growth rate for U.S. manufacturers since January 2014.

Tempe, Ariz.-based The Institute for Supply Management’s index rating fell to 52.9 during February, according to Bloomberg Business, down from 53.5 the previous month. Index ratings higher than 50 point to industry growth.

Weaker growth in global manufacturing and a slower rate of hiring stateside were other contributing factors to the dip in expansion.

Stuart Hoffman, chief economist for Pittsburgh-based PNC Financial Services Group, said motor vehicle, appliance and electronics production helped to bolster the numbers.

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