Manufacturing still weak, employment drops

Index of purchasing managers unchanged in April, beating economists' forecasts, but employment index drops off to lowest level in nearly 5 years.

A key index of manufacturing activity was unchanged at a weak level in April, with employment in the sector falling dramatically to the lowest point in nearly 5 years, according to a survey of purchasing managers released Thursday.

The Institute for Supply Management's (ISM) manufacturing index stayed at the March reading of 48.6. Economists were expecting a reading of 48, according to a consensus estimate compiled by Briefing.com.

The tipping point for the index is 50, with a reading above that reflecting growth in the sector. A reading below 50 represents a decline in manufacturing.

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