US manufacturing purchasing managers’ index(PMI) came in at 59.2 in April, an increase from 58.8 in March but lower than the initial flash estimate of 59.7.
- The overall increase in activity across the sector was largely attributable to further improvement in production and growth in new orders.
- Meanwhile, input costs rose, pushing businesses to pass the costs to consumers, which led to selling prices rising to the highest level since October last year.
- Chris Williamson, Chief Business Economist at S&P Global, stated that the pace of economic growth would improve in Q2 after a lackluster first quarter, but the elevated inflationary pressures continue to persist.
- Manufacturers posted a great improvement in employment in April after greater production requirements and response to staff leaving voluntarily.
Business sentiment remained upbeat, with strong optimism due to the reduced supply chain disruptions and increased hiring.
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Source: S&P Global
