Manufacturing At 49.2 Percent, Corrugated Box, Sheet Prices Up Economic activity in the manufacturing sector contracted in April after one month of expansion following 16 consec- utive months of contraction, say the nation's supply execu- tives in the latest Manufacturing ISM Report On Business. The report was issued by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee: “The Manufacturing PMI registered 49.2 percent in April, down 1.1 percentage points from the 50.3 percent recorded in March. The overall economy continued in ex- pansion for the 48th month after one month of contraction in April 2020. (A Manufacturing PMI above 42.5 percent, over a period of time, generally indicates an expansion of the overall economy.) The New Orders Index moved back into contraction territory after one month of expansion, registering 49.1 percent, 2.3 percentage points lower than the 51.4 percent recorded in March. “The Supplier Deliveries Index figure of 48.9 percent is 1 percentage point lower than the 49.9 percent record- ed in March. (Supplier Deliveries is the only ISM Report On Business index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.) The Inventories Index registered 48.2 percent, the same read-
ing as in March. Fiore continues, “The U.S. manufacturing sector dropped back into contraction after growing in March, the first time since September 2022 that the sector reported expansion. Although demand improvement slowed, out- put remains positive and inputs stayed accommodative. “More importantly, the share of sector GDP register- ing a composite PMI calculation at or below 45 percent — a good barometer of overall manufacturing weakness — was 4 percent in April, higher than the 1 percent figure in March, but an indication of better health than the 27 percent recorded in January. “The nine manufacturing industries reporting growth in April — in order — are: Nonmetallic Mineral Products; Printing & Related Support Activities; Primary Metals; Tex- tile Mills; Electrical Equipment, Appliances & Components; Petroleum & Coal Products; Transportation Equipment; Chemical Products; and Plastics & Rubber Products. “The seven industries reporting contraction in April — in the following order — are: Miscellaneous Manufacturing; Machinery; Furniture & Related Products; Wood Products; Food, Beverage & Tobacco Products; Fabricated Metal Products; and Paper Products. “Commodities up in price include aluminum, copper, corrugated boxes, corrugated sheets, crude oil, diesel, gasoline, high-density polyethylene, plastic resins, poly- propylene, precious metals, solvents, steel, titanium diox- ide, and zinc.”
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