The manufacturing sector expanded in April, as the overall economy grew for the 95th month in a row, according to the nation’s supply executives
The Manufacturing ISM Report On Business from the Institute for Supply Management shows the April Purchasing Managers Index (PMI) fell 2.4% from the previous month to 54.8%.
A reading above 50 signifies growth, while a reading below that indicates contraction.
The New Orders Index fell 7% to 57.5%, while the Production Index was up 1.0% to 58.6%. The Employment Index tumbled 6.9% to 52%, with inventories of raw materials rising 2.0% to 51.0%.
The Prices Index came in at 68.5% for a loss of 2%, indicating higher raw materials prices for the 14th straight month, but at a slower rate of increase than was posted in March.
Sixteen of 18 manufacturing industries reported last month:
- Electrical Equipment, Appliances & Components;
- Textile Mills;
- Nonmetallic Mineral Products;
- Furniture & Related Products;
- Plastics & Rubber Products;
- Fabricated Metal Products;
- Printing & Related Support Activities;
- Paper Products;
- Chemical Products;
- Food, Beverage & Tobacco Products;
- Primary Metals;
- Miscellaneous Manufacturing;
- Computer & Electronic Products;
- Petroleum &Coal Products; and
- Transportation Equipment.
The only industry reporting contraction was Apparel, Leather & Allied Products.