Economic activity in the manufacturing sector grew in April, with the Purchasing Managers Index at 55.4%. Although this was a decrease of 1.7 percentage points from March’s 57.1%, the overall economy continued to expand for the 23rd consecutive month.
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Here is a breakdown of the April PMI:
- New Orders Index: 53.5%, a 0.3% decrease month over month
- Production Index: 53.6%, a 0.9% decrease month over month
- Prices Index: 84.6%, a 2.5% decrease month over month
- Backlog of Orders Index: 56%, a 4% decrease month over month
- Employment Index: 50.9%, a 5.4% decrease month over month
- Supplier Deliveries Index: 67.2%, a 1.8% increase month over month
- Inventories Index: 51.6%, a 3.9% decrease month over month
- New Export Orders Index: 52.7%, a 0.5% decrease month over month
- Imports Index: 51.4%, a 0.4% decrease month over month
“The U.S. manufacturing sector remains in a demand-driven, supply chain-constrained environment. In April, progress slowed in solving labor shortage problems at all tiers of the supply chain. April saw a slight easing of prices expansion, but instability in global energy markets continues. Panelists continue to note supply chain and pricing issues as their biggest concerns,” Timothy R. Fiore, ISM chairman, said.
Seventeen manufacturing industries reported growth in April, including:
- Apparel, Leather & Allied Products
- Machinery
- Plastics & Rubber Products
- Nonmetallic Mineral Products
- Computer & Electronic Products
- Food, Beverage & Tobacco Products
- Transportation Equipment
- Printing & Related Support Activities
- Electrical Equipment, Appliances & Components
- Paper Products
- Primary Metals
- Furniture & Related Products
- Chemical Products
- Textile Mills
- Fabricated Metal Products
- Miscellaneous Manufacturing
- Wood Products
The only industry reporting a decrease in April compared to March is Petroleum & Coal Products.
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