The Institute for Supply Management reported that the Manufacturing PMI declined to 49.2% in April, 1.1 percentage points lower than in March after one month of expansion following 16 consecutive months of contraction.
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Here’s the breakdown of the April PMI:
- New Orders Index: 49.1%, a 2.3 percentage point decrease month-over-month
- Production Index: 51.3%, a 3.3 percentage point decrease month-over-month
- Prices Index: 60.9%, a 5.1 percentage point increase month-over-month
- Backlog of Orders Index: 45.4%, a 0.9 percentage point decrease month-over-month
- Employment Index: 48.6%, a 1.2 percentage point increase month-over-month
- Supplier Deliveries Index: 48.9%, a 1.0 percentage point decrease month-over-month
- Inventories Index: 48.2%, a 0.0 percentage point change month-over-month
- New Export Orders Index: 48.7%, a 2.9 percentage point decrease month-over-month
- Imports Index: 51.9%, a 1.1 percentage point decrease month-over-month
“The U.S. manufacturing sector dropped back into contraction after growing in March, the first time since September 2022 that the sector reported expansion. Although demand improvement slowed, output remains positive and inputs stayed accommodative,” said Timothy R. Fiore, ISM Chairman.
The nine manufacturing industries reporting growth in April were:
- Nonmetallic Mineral Products
- Printing & Related Support Activities
- Primary Metals
- Textile Mills
- Electrical Equipment, Appliances & Components
- Petroleum & Coal Products
- Transportation Equipment
- Chemical Products
- Plastics & Rubber Products
