Economic activity in the U.S. manufacturing sector expanded in March but at a slower pace than in February, according to the purchasing managers index for manufacturing released today by the Institute for Supply Management. The index fell to a reading of 51.3 in March from a reading of 54.2 in February. Readings above 50 indicate growth, but February’s reading marked a 12-month high.

However, the employment portion of the index rose to a reading of 54.2 in March from 52.6 in February.