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Manufacturing is Still Going Strong
- The S&P Global Flash U.S. Manufacturing PMI rose to 59.7 in April, the best reading since September, with key measures strengthening, proving that manufacturing activity remained resilient despite numerous challenges. Still, the index for future output eased to a six-month low, even as it continued to point to optimism about production growth moving forward.
- Manufacturers continued to cite supply chain bottlenecks and workforce shortages as significant challenges to growth, and inflation remained highly elevated, with output prices soaring to a new all-time high and input costs not far from November’s record high.
- Meanwhile, the S&P Global Flash Eurozone Manufacturing PMI decreased from 56.5 in March to 55.3 in April, the weakest reading since January 2021. The Russian invasion of Ukraine negatively impacted activity, with new orders and output expanding at the slowest pace since June 2020 and exports contracting for the second straight month.
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