In April, the U.S. Composites Business Index of 51.8 lengthened its growth string to five months, but it was also the CBI's lowest showing in 2014. Every subindex contributed to the slower rate: New orders grew for the fifth straight month, but the rate had slowed significantly since its January peak. Production had expanded for four straight months but at its slowest rate in 2014. Backlogs contracted for the first time this year but were still 6.5 percent higher than they were one year earlier. The accelerating annual rate of change in backlogs indicated higher capacity utilization and capital spending for the rest of 2014. Employment increased at a faster rate than at any time since August 2012. After growing in March, exports contracted significantly in April. Supplier deliveries lengthened at a slower rate but continued a trend begun in October 2013.
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