Manufacturing Economy Grows in April
By Metal Center News Staff
on May 5, 2021
Economic activity in the manufacturing sector grew for the 11th straight month in April, though at slower rates than in February. The PMI for April totaled 60.7 percent, a decrease of 4 percentage points from March, the Institute for Supply Management reported in its latest Manufacturing Report on Business.
Other indices showed slowing growth in April, with the New Orders Index declining 3.7 percentage points to 64.3 percent, the Production Index decreasing 5.6 percentage points to 62.5 percent and the Employment Index registering at 55.1 percent, 4.5 percentage points lower than the prior month.
"The manufacturing economy continued expansion in April. Survey Committee Members reported that their companies and suppliers continue to struggle to meet increasing rates of demand due to coronavirus impacts limiting availability of parts and materials. Recent record-long lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are continuing to affect all segments of the manufacturing economy,” said Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee.
All 18 manufacturing industries reported growth in April.