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• ISM manufacturing index fell to 55.4 in April from 57.1 in March
Economic activity in the manufacturing sector grew at the slowest pace in nearly two years in April amid rise in workers quitting their jobs.
The Institute for Supply Management's (ISM) Business Manufacturing PMI fell to 55.4 in April from 57.1 in March, the lowest reading since July 2020. A reading above 50 shows expansion in manufacturing.
The ISM’s Manufacturing Business Survey Committee Chair Timothy Fiore said, “In April, progress slowed in solving labor shortage problems at all tiers of the supply chain. Panelists reported higher rates of quits compared to previous months, with fewer panelists reporting improvement in meeting head-count targets.”
The slow growth in manufacturing also comes as manufacturers worry about supply in coming months amid China’s Covid-19 policy.
“Fifteen percent of panelists’ general comments expressed concern about their Asian partners’ ability to deliver reliably in the summer months,” Fiore said.
Picture Credits: Reuters
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