U.S. Manufacturing Index Indicates Slowest Growth In Over Two Year
01 Mai 2019 - 12:21PM
RTTF2
Growth in U.S. manufacturing activity slowed much more than
expected in the month of April, according to a report released by
the Institute for Supply Management on Wednesday, with activity
expanding at its slowest pace in well over two years.
The ISM said its purchasing managers index slid to 52.8 in April
after unexpectedly climbing to 55.3 in March, hitting its lowest
level since October of 2016.
A reading above 50 still indicates growth in the manufacturing
sector, although economists had expected the index to show a much
more modest decrease to 55.0.
"Comments from the panel reflect continued expanding business
strength, but at the softest levels since the fourth quarter of
2016," said Timothy Fiore, Chair of the ISM Manufacturing Business
Survey Committee.
The bigger than expected decrease by the headline index came as
the new orders plunged to 51.7 in April from 57.4 in March and the
production index slumped to 52.3 from 55.8.
The employment index also tumbled to 52.4 in April from 57.5 in
March, indicating a notable slowdown in the pace of job growth in
the manufacturing sector.
"Retention issues and sourcing of skilled and professional labor
were noted by respondents as continuing drags on production
performance," said Fiore.
The report said the prices index also dropped to 50.0 in April
from 54.3 in March, pointing to stability in raw materials prices
after an upward tick last month.
On Friday, the ISM is scheduled to release a separate report on
activity in the service sector in the month of April.
The ISM's non-manufacturing index is expected to rise to 57.2 in
April from 56.1 in March, indicating a modest acceleration in the
pace of service sector growth.
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