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May 14, 2014

PMI Increases in April to 54.9 Percent

Economic activity in the manufacturing sector expanded in April for the 11th consecutive month with a PMI of 54.9 percent, according to the latest Report on Business from the Institute for Supply Management, Tempe, Ariz. The overall economy grew for the 59th straight month.

The April PMI was up 1.2 percentage points from the March reading. A reading above 50 percent indicates growth.

Of the 18 manufacturing industries polled, 17 reported growth in April, including fabricated metal products, machinery and primary metals.

The average PMI through the first four months of the year of 53.3 percent corresponds to a 3.3 percent increase in real gross domestic product on an annualized basis, says Bradley Holcomb, chairman of ISM's Manufacturing Business Survey Committee. Additionally, the April PMI corresponds to a 3.9 percent increase in real GDP.

Among other indicators, the Production Index registered 55.7 percent, slightly below the March reading. Employment grew for the 10th consecutive month, registering 54.7 percent, an increase of 3.6 percentage points over March's reading. ISM's New Orders Index registered 55.1 percent in April, the same as in March.

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