Manufacturing in the US last month grew at the fastest pace in 10 months, according to the monthly report by the Institute for Supply Management (ISM). New orders, production and hiring all rose. The index reached 54.8 in April, the highest level since June. Readings above 50 indicate expansion.
Bradley J Holcomb, chair of ISM’s manufacturing business survey committee, said the growth was faster than the previous month. “The PMI registered 54.8 per cent, an increase of 1.4 percentage points from March’s reading of 53.4 per cent, indicating expansion in the manufacturing sector for the 33rd consecutive month,” said Holcomb in a statement. “Sixteen of the 18 industries reflected overall growth in April. Comments from the panel generally indicate stable to strong demand, with some concerns cited over increasing oil prices and European stability.”
Transportation Equipment, which includes recreational marine, was one of the industries reporting growth. The only industry reporting a contraction was Wood Products.
New Orders, Production, Employment, Exports all grew during April, while “Customers Inventories” were listed as “too low.” The rate of change for both the overall economy and manufacturing was also “faster” than March.