ISM reports Q2 manufacturing performance begins on a strong note
The PMI, the index used by the ISM to measure manufacturing activity, saw a 1.2 increase from March to 54.9 in April, which is 0.5 percent above the 12-month average of 54.4. The PMI is still over the 50 mark—which is the benchmark of strong economic activity—in 16 of the last 17 months, coupled with the overall economy growing for 59 consecutive months, according to the ISM.
Manufacturing growth continued to grow at the start of the second quarter, according to the Institute for Supply Management’s (ISM) monthly Manufacturing Report on Business.
For the report’s four key metrics, including PMI, two were up, one was flat, and one declined. New orders, often known as the engine driving manufacturing, held firm at 55.1 and remained in growth mode for the 11th month in a row. Production dropped 0.2% to 55.7, and employment showed growth for the tenth straight month, heading up 3.6% to 54.7.
ISM noted in the report that comments from its member panel included in the report “generally remain positive,” although some members voiced concern over international economic and political issues potentially impacting demand.
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