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U.S. factory activity expanded at its slowest rate in more than 20 months in April amid an increase in workers quitting their jobs.
Source: ISM.
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The ISM’s index of national factory activity dropped to a reading of 55.4 last month, its lowest since a matching reading in September 2020, from 57.1 in March.
Timothy Fiore Chair of the Manufacturing Business Survey Committee stated manufacturing as remaining “in a demand-driven, supply chain-constrained environment.
Five of the six biggest manufacturing sectors, machinery, computer and electronics, food, transportation, equipment and chemical products, posted a moderate-to-strong rate of growth. Manufacturers had mixed assessments of supply chains.
The ISM’s survey’s forward-looking new orders sub-index edged down to 53.5 from 53.8 in March. Good spending rose as the pandemic restricted movement.
The survey’s measure of supplier deliveries jumped to 67.2 from 65.4 in March. A reading above 50%, signalling slower deliveries to factories.
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