Economic activity in the US manufacturing sector expanded in April for the 33rd consecutive month, according to the latest Manufacturing ISM Report On Business.
The Institute for Supply Management index of manufacturing activity rose to 54.8 last month, from 53.4 in March. An index figure above 50 indicates growth. The ISM's measure of employment in the sector also rose to a nine-month high.
Sixteen of the 18 industries categorized by the ISM reflected overall growth in April, and the new orders, production and employment indexes all increased, indicating growth at faster rates than in March. The only industry reporting contraction in April is wood products.
ISM's New Orders Index registered 58.2 percent in April, an increase of 3.7 percentage points compared to the March reading of 54.5 percent. Fifteen industries reported growth in new orders in April, led by furniture & related products; printing & related support activities; paper products; and machinery, with the other three remaining static. None of the 18 industries reported a decrease in new orders in April.
ISM's Production Index registered 61 percent in April, an increase of 2.7 percentage points compared to the 58.3 percent reported in March. Nonmetallic mineral products; furniture & related products; apparel, leather & allied products; printing & related support activities showed the strongest growth. Again, none reported a decrease.
ISM's New Export Orders Index registered 59 percent in April, 5 percentage points higher than the 54 percent reported in March, and the 34th consecutive month it has registered over 50 percent. Top growth exporters were textile mills; furniture & related products; apparel, leather & allied products; primary metals; and chemical products.
The Arizona-based Institute for Supply Management, founded in 1915, is an internationally recognized barometer for the state of the US economy. Its Report on Business is based on is based on survey data compiled from purchasing and supply executives nationwide.
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The 16 industries reporting overall growth in April are (in order of greatest growth).
Furniture & related products
Printing & related support activities
Machinery
Nonmetallic mineral products
Miscellaneous manufacturing
Primary metals
Paper products
Transportation equipment
Electrical equipment, appliances & components
Plastics & rubber products
Apparel, leather & allied products
Food, beverage & tobacco products
Chemical products
Fabricated metal products
Computer & electronic products
Petroleum & coal products.
