Posted May 2, 2022

Manufacturing index hits lowest mark since July 2020

Manufacturing is growing at a slower pace than recent months.

The April Manufacturing PMI from the Institute for Supply Management registered 55.4 percent, a decrease of 1.7 percentage points from the March reading of 57.1 percent.

This is the lowest reading since July 2020, when the PMI was reported at 53.9 percent.

“The U.S. manufacturing sector remains in a demand-driven, supply chain-constrained environment. In April, progress slowed in solving labor shortage problems at all tiers of the supply chain," said Timothy R. Fiore, chair of the ISM Manufacturing Business Survey Committee. "Panelists reported higher rates of quits compared to previous months, with fewer panelists reporting improvement in meeting head-count targets. April saw a slight easing of prices expansion, but instability in global energy markets continues."

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