US ISM Manufacturing PMI drops to 49.2 in April vs 50.0 expected
- ISM Manufacturing PMI fell into contraction territory in April.
- US Dollar Index fluctuates in its daily range above 106.00.
The business activity in the US manufacturing sector contracted in April, with the ISM Manufacturing PMI dropping to 49.2 from 50.3 in March. This reading came in below the market expectation of 50.0.
The Employment Index of the PMI survey improved to 48.6 from 47.4 in the same period, while the New Orders Index fell to 49.1 from 51.4. Finally, the Prices Paid Index, the inflation component, rose sharply to 60.9 from 55.8.
Commenting on the survey's findings, "the US manufacturing sector dropped back into contraction after growing in March, the first time since September 2022 that the sector reported expansion," said Timothy R. Fiore, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.
"The Prices Index moved further upward into strong expansion (or ‘increasing’) territory, as commodity driven costs continue to climb. Imports continued to grow, at a slower rate in April," Fiore added.
Market reaction
This report doesn't seem to be having a significant impact on the US Dollar's (USD) valuation. At the time of press, the USD Index was down 0.08% on the day at 106.20.
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