Economic activity in the manufacturing sector expanded in April, and the overall economy grew for the 120th consecutive month, say the nation—s supply executives in the latest Manufacturing ISM® Report On Business®.
The April PMI® registered 52.8%, a decrease of 2.5% from the March reading of 55.3%, according to Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management®Manufacturing Business Survey Committee.
“The New Orders Index registered 51.7%, a decrease of 5.7% from the March reading of 57.4%,” said Fiore. “The Production Index registered 52.3%, a 3.5% decrease compared to the March reading of 55.8%. The Employment Index registered 52.4%, a decrease of 5.1% from the March reading of 57.5%. The Supplier Deliveries Index registered 54.6%, a 0.4% increase from the March reading of 54.2%. The Inventories Index registered 52.9%, an increase of 1.1% from the March reading of 51.8%. The Prices Index registered 50%, a 4.3% decrease from the March reading of 54.3%.”
"Exports orders contracted for the first time since February 2016. The PMI® trade elements are in contraction territory. The PMI® has been inching down since November 2018. The manufacturing sector is expanding, but at recent historic lows," says Fiore.
Of the 18 manufacturing industries, 13 reported growth in April, in the following order: Textile Mills; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Printing & Related Support Activities; Chemical Products; Nonmetallic Mineral Products; Plastics & Rubber Products; Machinery; Furniture & Related Products; Food, Beverage & Tobacco Products; Computer & Electronic Products; Paper Products; and Fabricated Metal Products. The five industries reporting contraction in April are: Apparel, Leather & Allied Products; Primary Metals; Wood Products; Petroleum & Coal Products; and Transportation Equipment.