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United States PMI April 2023

United States: Composite PMI hits 11-month high in April

The S&P Global Flash Composite Purchasing Managers’ Index (PMI) came in at 53.5 in April, up from March’s 52.3. April’s result marked the strongest reading since May 2022. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.

The Manufacturing PMI stood at 50.4 in April, up from March’s 49.2. Lastly, the services PMI activity index rose to 53.7 in April (March: 52.6). In the private sector as a whole, employment growth accelerated and output rose at the fastest pace in nearly a year, supported by improved supply chains, stronger demand and rising new orders. That said, new export orders continued to decline in April, and both input and output price inflation intensified.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said:

“Growth is […] reassuringly broad-based, led by services thanks to a post-pandemic shift in spending away from goods, though goods producers are also reporting signs of demand picking up again. […] However, the upturn in demand has also been accompanied by a rekindling of price pressures. Average prices charged for goods and services rose in April at the sharpest rate since September of last year […]. This increase helps explain why core inflation has proven stubbornly elevated at 5.6% and points to a possible upturn – or at least some stickiness – in consumer price inflation.”

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