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U.S. Manufacturing PMI Revised Lower in April 2023

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) for the US was revised downwards to 50.2 in April 2023, from an initial estimate of 50.4 and compared to 49.2 in March. New orders experienced a resurgence, and production surged at the swiftest rate since May 2022. Meanwhile, new export orders continued to contract. Nevertheless, expectations of increased future sales prompted companies to bolster employment, resulting in the quickest job creation rate since September 2022. Despite subdued customer orders and a further decline in input purchasing, suppliers raised their prices at an even steeper rate. Cost burdens escalated at the sharpest pace in three months, and selling prices similarly accelerated. Looking forward, optimism reached its strongest level in three months and was generally in line with the series’ long-run average.


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About the US Markit Manufacturing Purchasing Managers’ Index

In the United States, the Markit Manufacturing Purchasing Managers’ Index (PMI) serves as an indicator of the manufacturing sector’s performance, derived from a survey of 600 industrial companies. The Manufacturing PMI is based on five individual indexes, each with their respective weights: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%), and Stock of Items Purchased (10%). The Delivery Times index is inverted to ensure its movement aligns with the other indexes. A reading above 50 signifies an expansion of the manufacturing sector compared to the previous month, whereas a reading below 50 indicates a contraction. A reading of exactly 50 represents no change.

“Truth is the daughter of time, not of authority.” – Francis Bacon

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