- The ISM manufacturing index missed in April, falling to 49.2 (cons 50.0) after 50.3 in March.
- Prices paid provided the main hawkish aspect, jumping 5.1pts to 60.9 (cons 55.4) after a 3.3pt increase in March. The press release notes the outright share seeing increases was its highest since Jun’22 (78.7%) with mention of commodity price increases.
- A dovish angle was provided by new orders falling to 49.1 (cons 51.0) from 51.4, its lowest since Dec.
- With inventories unchanged, the new orders less inventories metric (a useful forward-looking indicator) fell for the third month running to its lowest since May’23 – see chart.
- On prices paid, note that yesterday’s MNI Chicago PMI increased 6.7pts to 69.3 for its highest since Aug’23. A special question noted that over 40% of respondents said their ability to pass on input cost changes had increased over the past three months.
US DATA: ISM Prices Paid Jump On Commodities But New Orders Slip
Last updated at:May-01 14:22By: Chris Harrison
- The ISM manufacturing index missed in April, falling to 49.2 (cons 50.0) after 50.3 in March.
- Prices paid provided the main hawkish aspect, jumping 5.1pts to 60.9 (cons 55.4) after a 3.3pt increase in March. The press release notes the outright share seeing increases was its highest since Jun’22 (78.7%) with mention of commodity price increases.
- A dovish angle was provided by new orders falling to 49.1 (cons 51.0) from 51.4, its lowest since Dec.
- With inventories unchanged, the new orders less inventories metric (a useful forward-looking indicator) fell for the third month running to its lowest since May’23 – see chart.
- On prices paid, note that yesterday’s MNI Chicago PMI increased 6.7pts to 69.3 for its highest since Aug’23. A special question noted that over 40% of respondents said their ability to pass on input cost changes had increased over the past three months.
