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5/3, 3:46 PM (Source: TeleTrader)
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US manufacturing PMI up to 60.5 in April

Manufacturing activity in the United States rose significantly in April when compared to the previous month, a report published by IHS Markit on Monday showed. The seasonally adjusted Manufacturing Purchasing Managers' Index (PMI) was at 60.5 up 1.4 index points from the previous months' 59.1, marking the steepest improvement since data collection began.

The rate of expansion for new orders was at an 11-year high, while job creation quickened as the backlog of work accumulated markedly. However, there was a monthly decrease in vendor performance across the goods-producing sector.

Chris Williamson, Chief Business Economist at IHS Markit, commented on the report saying: "Attempts to expand capacity via hiring extra staff gained further momentum, though in some cases staff shortages were an additional constraint on production. However, with confidence in the outlook continuing to run at one of the highest levels seen over the past seven years, buoyed by vaccine roll-outs and stimulus, further investment in production capacity should be seen in coming months, helping alleviate some of the price pressures."

Breaking the News / OL