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US PMI Job Creation Slowest Since January, Says "Growth Rate Of The Economy Has Weakened Since Late Last Year"

Tyler Durden's picture


The Markit US Manufacturing PMI printed at an expected 55.4 - flat from March - but under the surface were some troubling trends. The pace of expansion in job creation was the slowest since January (but but but, we are in the post-weather period now?) and weak overseas demand continues to mean export performance disappoints, with only modest growth of new export orders recorded again in April. As Markit warns,  "the underlying growth rate of the economy has weakened since late last year."


Seaonally-adjusted the post-weather jump did not occur...


Full subcomponent breakdown...

Finally, from Chris Williamson, Chief Economist at Markit:

“The April PMI represents a good start to the second quarter. The upturn in manufacturing output and new orders signalled by the survey suggest that the economy should rebound after the disappointing 0.1% annualised GDP growth rate seen in the first three months of the year.


“However, although GDP may bounce back in the second quarter, the updated manufacturing numbers are not strong enough to offset the softer trend in the flash services PMI, suggesting that the underlying growth rate of the economy has weakened since late last year.


“The manufacturing sector continues to benefit from rising domestic demand, but weak overseas demand continues to mean export performance disappoints, with only modest growth of new export orders recorded again in April.”

So, no global trade due to... weather?

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Thu, 05/01/2014 - 09:57 | 4715735 NoIdea
NoIdea's picture

No more negative thoughts. If we keep saying things are getting better eventually we'll be right

Thu, 05/01/2014 - 12:15 | 4716370 spine001
spine001's picture

True. All we need now is for the FED TO STOP Bailing the big banks and companies and use monetization to help the small guy. The the system would heal itself.

Thu, 05/01/2014 - 10:06 | 4715774 autofixer
autofixer's picture

What happened early this year?  Let' see...um, was it Obamaocare?  Yeah, that was it!  Forward Comrades!  Happy International Socialist Workers' Day! 

Thu, 05/01/2014 - 10:06 | 4715778 FieldingMellish
FieldingMellish's picture

Bad news... weather (does not matter if its good or bad weather)

Good news... Fed policies are working

Thu, 05/01/2014 - 10:13 | 4715781 philipat
philipat's picture

You know, this isn't rocket science. The US economy comprises 70% consumer consumption. So to grow, EITHER consumers have to consume more, unlikely as Inflation-adjusted real incomes continue to fall, OR Business Investment must hugely increase to push the other 30% of the economy higher, which isn't happening either because US Corporations are investing overseas where it is less expensive to manufature; So where will the growth come from?

The US is Fucked for other than the 0.01%. And they all have escape strategies.

Thu, 05/01/2014 - 12:20 | 4716405 spine001
spine001's picture

You are correct, please only let me add a huge detail. The investment abroad not only develops the foreign economies but it also creates disllocated cash, cash you cant't bring back due to our tax system. That forces more foreign investment even if the labor and other costs areno longer advantageous versus the depressed us wages created by the downturn created by the original foreign investment. This creates a positive feedback loop to the downside for the us consumer.

Thu, 05/01/2014 - 10:15 | 4715821 BullyBearish
BullyBearish's picture

WE are the true Apartheid nation...occupied and nullified

Thu, 05/01/2014 - 11:22 | 4716087 Rip van Wrinkle
Rip van Wrinkle's picture

The UK comes out with great manufacturing....the US comes out with great manufacturing.....Gerrmany comes out with great manufacturing....China comes out with ever increasing manufacturing.


And we get this:

"...but weak overseas demand continues to mean export performance disappoints...."

One question. Who's buying all this sh!t?

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