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Grim dawn trainer b 307/14/2023 Panelists’ comments registered a 1-to-1 ratio regarding optimism for future growth and continuing near-term demand declines,” commented Timothy Fiore, Chair of the Institute for Supply Management Manufacturing Business Survey Committee:Īs always, the ISM report provides a graphic of the full PMI scores for the last 12 months, which as can be seen has the measure trending down since May or 2022, and it is now averaging just 50.1 over the past year, barely above the 50 level. “New order rates remain sluggish as panelists remain concerned about when manufacturing growth will resume. The Inventories Index dropped 1.2 percentage points to 46.3, again lower than the March reading of 47.5, and like other measures, also below the key 50 mark. ![]() The Supplier Deliveries Index figure of 44.6 was 0.2 percentage point lower than the 44.8 recorded in March, the index’s lowest reading since March 2009 (43.2). The Backlog of Orders Index came in at just 43.1, 0.8 percentage point lower than the March reading of 43.9, meaning order books are shrinking. This index (below 50 = falling prices), was just a few months ago above 80, as inflation took off. That means companies saw slight increases in the cost of components, materials and other inputs after those prices fell in March. The Prices Index registered 53.2, up 4 percentage points compared to the March figure of 49.2. For example, the Production Index reading of 48.9 was up 1.1-percentage point compared to March’s figure of 47, but it was below 50 too, meaning manufacturing output fell again. It was mostly bad news in other related measures. The New Orders Index remained in contraction territory at 45.7, 1.4 percentage points higher than the figure of 44.3 in March, also still well below 50 in bad news for future manufacturing activity. The April PMI indicates a fifth month of overalll contraction after a 30-month period of expansion. The PMI tracks closely but not exactly with the overall US economy. That makes it the sixth consecutive months of US manufacturing decline following a 28-month period of growth. ![]() Prices for some commodities are stabilizing, but not for others. Business is slowing, but in some ways, it isn’t. The US Purchasing Managers Index (PMI) from the Institute for Supply Management (ISM) came at a level of 47.1, 0.8 percentage point higher than the 46.3 recorded in March, but still well below the below the key 50 mark that separates US manufacturing expansion from contraction.Ī manager in the metals sector said that “We seem to be in a season of contradictions.
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