The US manufacturing sector expanded in April, according to the latest Institute of Supply Management report.
According to the ISM, April’s PMI registered 54.8 percent, an increase of 1.4 percentage points from March’s reading of 53.4 percent, indicating expansion in the manufacturing sector for the 33rd consecutive month. The report is the result of a survey of supply executives.
Sixteen of the 18 industries covered in the report reflected overall growth in April, and the new orders, production and employment indexes all increased, indicating growth at faster rates than in March. In addition, the ISM’s prices index for raw materials remained at 61 percent in April, the same rate as reported in March.
Of the 18 manufacturing industries, 16 reported growth in April: Furniture & Related Products; Printing & Related Support Activities; Machinery; Nonmetallic Mineral Products; Miscellaneous Manufacturing; Primary Metals; Paper Products; Transportation Equipment; Electrical Equipment, Appliances & Components; Plastics & Rubber Products; Apparel, Leather & Allied Products; Food, Beverage & Tobacco Products; Chemical Products; Fabricated Metal Products; Computer & Electronic Products; and Petroleum & Coal Products. The only industry reporting contraction in April is Wood Products.
– CMN Staff Writer