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Manufacturing Rebound in April 2023
- After contracting for five straight months, manufacturing activity rebounded in April, expanding ever so slightly. The S&P Global Flash U.S. Manufacturing PMI rose from 49.2 in March to 50.4 in April, with stronger data for new orders, output and employment.
- The index for future output signaled optimism for production over the next six months, and supplier delivery times narrowed once more, with supply chain issues continuing to improve. In an important sign of resilience to the U.S. economy, the S&P Global Flash U.S. Services Business PMI also strengthened in April, rising to a 12-month high.
- To be fair, other sentiment surveys continued to reflect weaknesses in the manufacturing sector, including the HCOB Flash Eurozone Manufacturing PMI from S&P Global, which contracted for the 10th straight month to a post-pandemic low. Manufacturing activity also continued to decline sharply in the Philadelphia Federal Reserve Bank’s district, falling at the fastest pace since May 2020.
- Private manufacturing wages and salaries rose 1.2% in the first quarter, with 4.9% growth over the past 12 months, reflecting some moderation but at a still-solid pace.
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