Prediction: Business Insider is predicting a small increase to 54.2% from 53.7% in March.
Manufacturing job gains per ADP were unimpressive (only +1,000), so it will be interesting to see how or if that gets reflected in ISM’s report, which we must always remind ourselves is a sentiment report not necessarily based on hard numbers.
The report will be here at 10 a.m.
HERE IT IS (permanent link):
Economic activity in the manufacturing sector expanded in April for the 11th consecutive month, and the overall economy grew for the 59th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
“The April PMI® registered 54.9 percent, an increase of 1.2 percentage points from March’s reading of 53.7 percent, indicating expansion in manufacturing for the 11th consecutive month. The New Orders Index registered 55.1 percent, equal to the reading in March, indicating growth in new orders for the 11th consecutive month. The Production Index registered 55.7 percent, slightly below the March reading of 55.9 percent. Employment grew for the 10th consecutive month, registering 54.7 percent, an increase of 3.6 percentage points over March’s reading of 51.1 percent. Comments from the panel generally remain positive; however, some expressed concern about international economic and political issues potentially impacting demand.”
… The only industry reporting contraction in April is Nonmetallic Mineral Products.
All the direct GDP drivers were strong.
We’ll take it, especially given the awful first quarter news yesterday.