INSIGHTS
- According to the Institute of Supply Management’s most recent report on manufacturing business, economic activity in the US manufacturing sector shrank in April for the sixth consecutive month after 28 months of expansion.
- Among the five manufacturing industries that recorded an increase recorded increase in the month were apparel, leather, and related items.According to the most recent manufacturing business report from Tempe, Arizona-based Institute of Supply Management (ISM), economic activity in the US manufacturing sector shrank in April for the sixth consecutive month after a 228-month run of expansion.
According to a press release from Timothy R. Fiber, a chair of the ISM manufacturing business survey committee, the five manufacturing sectors that experienced growth during the month were: printing and related support activities; apparel, leather and allied products; petroleum and coal products; fabricated metal products; and transportation equipment.
The manufacturing purchasing managers’ indemanagers’ an index (PMI) for April showed a reading showed reading of 47.1%, 0.8 percentage point increase from the reading of 46.3% in March.
According to Fiber, this result represents the sixth month of recession in the total economy following 30-month growth.1.1 percentage point rise from March’s reading of 47.8 percent, the production index value for April is 48.9 percent.
The pricing index came in at 53.2%, an increase of 4 percentage points from March’s 49.2%.
By-Mansi Patil
