A measure of U.S. manufacturing activity unexpectedly dropped in April to the lowest level since 2020 as growth in orders, production and employment softened. The Institute for Supply Management’s gauge of factory activity fell to 55.4 last month from 57.1, according to data released Monday. Readings above 50 indicate expansion. The figure was weaker than all but one estimate in a Bloomberg survey of economists, which had a median projection of 57.6. The latest data point to signs of softening demand for merchandise. Measures of both new orders and production dropped to their lowest levels since May 2020, though ... (full story)