US Factory Activity Growth Slows in April
The final Markit US Manufacturing PMI came in at 54.1 in April, slightly lower than preliminary reading of 54.2 and below 54.7 registered in March.
The output gauge fell to 55.3 from 58.8 in March. The preliminary read was 55.4. The final reading of the index measuring new orders came in at 55.3, under the preliminary reading of 55.4 as well as March's reading of 57.2. Employment growth also weakened in April from March, though the drop was more modest.
Weighing most on the PMI in April was a slower rise in production. The rate of growth moderated to the weakest in 2015 so far, although it remained strong overall. Similarly, firms continued to increase their purchasing activity at a robust, albeit slower, pace. Suppliers’ delivery times lengthened further as a result, with ongoing mention of delays associated with the recent West Coast port shutdowns. The other main factor contributing to the fall in the headline index during April was a slower rise in incoming new business. New order growth eased to a three-month low, but remained strong in the context of historic survey data. Weaker international demand linked to the strong dollar was evident as new export business declined for the first time since November.
5/1/2015 2:58:01 PM