US ISM Manufacturing PMI fell from 50.3 to 49.2 in April, below expectation of 50.1, and back in contraction. New orders fell from 51.4 to 49.1. Production fell from 54.6 to 51.3. Employment rose from 47.4 to 48.6. Prices surged from 55.8 to 60.9, highest reading since June 2022.
ISM said: “The past relationship between the Manufacturing PMI® and the overall economy indicates that the April reading (49.2 percent) corresponds to a change of plus-1.9 percent in real gross domestic product (GDP) on an annualized basis.”
