US Manufacturing Continues Strong Growth in April
TEMPE, AZ – US manufacturing grew in April for the ninth consecutive month, with the PMI up 0.8 percentage points to 60.4%, says the Institute for Supply Management. The rate of growth was the fastest since June 2004, when the index hit 60.5%.
A reading above 50% indicates the manufacturing economy is generally expanding.
New orders jumped 4.2 points to 65.7%, and production was up 5.8 points to 66.9%. Inventories were down 5.9 percentage points to 49.4%, while customer inventories dipped 6 points to 33%. Backlogs were down a slight 0.5 points to 57.5%. Employment registered its fifth consecutive month of growth.
“The manufacturing sector grew for the ninth consecutive month during April,” said ISM spokesperson Norbert J. Ore. “Manufacturers continue to see extraordinary strength in new orders, as the New Orders Index has averaged 61.6% for the past 10 months. Overall, the recovery in manufacturing continues quite strong, and the signs are positive for continued growth.”
The overall economy grew for the 12th consecutive month.
