US economic activity in the manufacturing sector contracted in April, and the overall economy contracted after 131 consecutive months of expansion, according to the latest Manufacturing ISM Report On Business.
The April PMI registered 41.5 percent, down 7.6 percentage points from the March reading of 49.1 percent. Index breakdown:
|Index||April level||March level|
|Backlog of Orders||37.8||45.9|
|New Export Orders||35.3||46.6|
Of the 18 manufacturing industries, the two that reported growth in April are: paper products; and food, beverage and tobacco products.
The 15 industries reporting contraction in April, in order, are: printing and related support activities; furniture and related products; transportation equipment; textile mills; fabricated metal products; nonmetallic mineral products; machinery; plastics and rubber products; electrical equipment, appliances and components; petroleum and coal products; wood products; miscellaneous manufacturing; computer and electronic products; primary metals; and chemical products.