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ISM Reports PMI of 57.3% in April

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Economic activity in the manufacturing sector expanded in April, according to the latest Manufacturing ISM Report on Business from the Institute for Supply Management, Tempe, Ariz.

The April PMI registered 57.3 percent, a decrease of 2 percentage points from the March reading but still above the figure representing growth in the manufacturing sector.
Of the 18 industries that report to ISM, 17 reported growth in April, including fabricated metal products, transportation equipment, primary metals and miscellaneous manufacturing.

Other indices reporting growth in April included the New Orders Index at 61.2 percent, a 0.7 percentage point decline from March; Production Index at 57.2 percent, down 3.8 percentage points from March; and The Employment Index at 54.2 percent, down 3.1 percentage points.

The April PMI, if annualized, would correspond to a 4.3 percent increase in real GDP, according to Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee.

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