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US manufacturing growth rate declines in April

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US manufacturing growth rate declines in April

April PMI provides further evidence of a slowing economy.

According to the Institute for Supply Management, manufacturing activity in the US increased marginally in April, but at a slower rate than March. 

The April PM came in at 50.8%, a decrease of 1 percentage point from the March reading of 51.8 percent. (Readings above 50% indicate expansion.)

The New Orders Index also fell, coming in at 55.8%, a decrease of 2.5 percentage points from the March reading of 58.3%, as did the Production Index, which fell from 55.3% in March to 54.2% in April.

Manufacturing employment improved during the month, although remaining in contraction territory. The Employment Index registered 49.2%, 1.1 percentage points above the March reading of 48.1%.

Raw materials costs jumped during the month, with the Prices Index increasing 7.5 percentage points to 59% in April, indicating higher raw materials prices for the second consecutive month.


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