5/3, 4:02 PM (Source: TeleTrader)
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ISM: US Manufacturing PMI at 60.7% in April

United States manufacturing activity grew in April for the eleventh consecutive month with the Purchasing Managers' Index (PMI) climbing up to 60.7%, which is down 4% from the previous month, the Institute for Supply Management (ISM) unveiled on Thursday.

The New Orders Index lost 3.7 percentage points to reach 64.3%, while the Production Index registered 62.5%, marking a decline of 5.6 percentage points compared to March. The Employment Index was down 4.5% to 55.1% and the Prices Index gained 4 percentage points to amount to 89.6%, compared to the month prior.

"Recent record-long lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are continuing to affect all segments of the manufacturing economy," said Timothy Fiore, ISM official, adding that the manufacturing community is struggling with the coronavirus crisis impacts.

Breaking the News / LH