Full text [Financial Analysis and Commentary] Supply-chain problems are a bear, but they are better than the alternative of waning demand. The worry for some manufacturers has to be that the latter might become a live concern in the months ahead. The Institute for Supply Management on Monday said that its index of manufacturing activity slipped to 55.4 in April from March's 57.1. That is still solidly above 50 -- the dividing line between growth and contraction -- but marked the lowest level since July 2020. Moreover, the index got a boost in April from a slowdown in supplier deliveries, which is usually a positive sign for manufacturing, but in the context of ongoing supply-chain issues counts a negative. It was at an elevated 67.2 versus 65.4 in March. Manufacturing growth could further moderate in the months ahead, in response to shifts in demand. The easing of the pandemic has led to a shift away from spending on many types of manufactured goods toward services. Commerce Department figures released last week showed that, adjusted for inflation, consumer spending on furnishings, appliances and other household equipment in the first quarter was 5.1% below its year-earlier level. Spending on restaurants, bars and other food services was up 19.5% over the same period, while spending on hotels and motels was up 49%. With warmer weather beckoning and worries about Covid