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PMI Reverts to Contraction

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The shift to expansion for manufacturing was short-lived, with the Institute for Supply Management’s PMI registering 49.2 percent in April. The previous month’s was at 50.3 percent.

Other indices also declined in April, with New Orders falling 2.3 percentage points to 49.1 percent, the Production Index falling 3.3 percentage points to 51.3 percent and the Backlog of Orders declining 0.9 percentage points to 45.4 percent.

“The U.S. manufacturing sector dropped back into contraction after growing in March, the first time since September 2022 that the sector reported expansion. Although demand improvement slowed, output remains positive and inputs stayed accommodative,” said Timothy Fiore, chair of the ISM’s Manufacturing Business Survey Committee.

Fabricated metal products was one of seven industries reporting contraction in April, along with machinery and miscellaneous manufacturing. Primary metals, transportation equipment and appliances and components all reported growth in April.

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