The ISM’s manufacturing index climbed to 54.9 in April from 53.7 in March.
This was higher than the 54.3 expected by economists.
From the ISM’s Bradley Holcomb: “The New Orders Index registered 55.1 per cent, equal to the reading in March, indicating growth in new orders for the 11th consecutive month. The Production Index registered 55.7 per cent, slightly below the March reading of 55.9 per cent. Employment grew for the 10th consecutive month, registering 54.7 per cent, an increase of 3.6 percentage points over March’s reading of 51.1 per cent. Comments from the panel generally remain positive; however, some expressed concern about international economic and political issues potentially impacting demand.”
Of the 18 manufacturing industries ISM follows, only Nonmetallic Mineral Products saw contraction.
Here are some anecdotes from the ISM’s survey:
- “Business is strong and continues to grow in my industry.” (Textile Mills)
- “Winter weather has slowed order intake but not inquiries. We think there is pent-up demand waiting for the weather to break.” (Fabricated Metal Products)
- “U.S. remains stable, Asia is increasing in sales dramatically and Europe remains soft.” (Transportation Equipment)
- “Overall business is up. Hiring is also up. Skilled trades in short supply.” (Transportation Equipment)
- “Slight improvement in defence spending and manufacturing.” (Computer & Electronic Products)
- “Export demand picking up but seems to have no leverage to raise prices. Margins are very thin, and concerned about Chinese slowdown effect on our business.” (Chemical Products)
- “China returned from their New Year holiday with brisk demand. Domestic markets are also doing well.” (Wood Products)
- “Softening in bookings, shipments at same level.” (Electrical Equipment, Appliances & Components)
- “Spring of 2014 is 3 to 4 per cent better than Spring of 2013 for our company.” (Machinery)
- “Russia may stop importing medical devices manufactured completely outside of Russia. Would have big negative impact — 5 to10 per cent lost revenue.” (Miscellaneous Manufacturing)
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