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PMI Rises To 62.4 Percent

Economic activity in the manufacturing sector grew in April for the 11th consecutive month, while the overall economy grew for the 30th consecutive month, according to the latest survey of purchasing managers by the Institute for Supply Management (ISM), Tempe, Ariz.
May 14, 2004
2 min read

Economic activity in the manufacturing sector grew in April for the 11th consecutive month, while the overall economy grew for the 30th consecutive month, according to the latest survey of purchasing managers by the Institute for Supply Management (ISM), Tempe, Ariz. ISM’s Purchasing Managers Index is 62.4 percent in April, a decrease of 0.1 percentage point when compared to 62.5 percent in March.

“The manufacturing sector continued to improve in April. While new orders contracted slightly compared to last month, production moved upward, and employment grew at a faster rate. The PMI has now been above 60 percent for six consecutive months,” said Norbert J. Ore, chair of the Institute for Supply Management Manufacturing Business Survey Committee and group director, strategic sourcing and procurement, Georgia Pacific Corp.

In reviewing comments from the survey respondents, it is apparent that the manufacturing sector continues to improve. However, there are still a number of companies in various industries that have yet to benefit from the recovery. Persistent themes are concerns for availability of ferrous and non-ferrous metals, and escalating costs in a market that is still resistant to higher consumer prices.

“The second quarter is off to a very strong start,” added Ore. “Many respondents indicate that order backlogs are growing for the first time in several years. The list of metals up in price is quite extensive — almost every category of product has seen some movement.”

All reporting industries reported growth. These include industrial and commercial equipment, electronic components and equipment, fabricated metals, transportation and equipment.

Commodities listed in short supply include aluminum; cold rolled steel; copper; hot-rolled steel, and steel.