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TEMPE, AZ - New orders and backlogs for manufacturers grew for the 23d straight month in April although the rate of growth slipped again. New orders were down 3.4 points and inventories fell 6.2 points, yet production rose 0.2 points, said the Institute for Supply Management.

The Electronic Components and Equipment sector failed to grow during the month.

The 23-month streak marks the longest period of growth in 16 years. "However, ISM chairman Norbert Ore said, "the rate of growth slowed to its lowest level since July 2003. The trend is definitely toward a slower pace of growth, and that should relieve some of the pricing pressure that the sector has experienced during 2004 and 2005."

The PMI measure of economic activity fell for the fifth month in a row, slipping 1.9 points sequentially to 53.3%. Employment was down 1 point, to 52.3%.

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