March 1, 2012 / 3:16 PM / 5 years ago

U.S. Treasuries prices cut losses after ISM index

NEW YORK, March 1 (Reuters) - U.S. Treasuries prices reduced early losses on Thursday after a closely watched index of U.S. manufacturing activity came in weaker than forecast.

Benchmark 10-year notes, off 21/32 before the report, were down 15/32 afterwards, leaving their yields at 2.03 percent versus 2.05 percent before the data.

The pace of growth in the U.S. manufacturing sector unexpectedly slowed in February, according to an industry report released on Thursday. The Institute for Supply Management said its index of national factory activity fell to 52.4 from 54.1 the month before. The reading was shy of expectations of 54.5, according to a Reuters poll of economists. A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion. (Reporting by Ellen Freilich; Editing by James Dalgleish)

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