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...
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Full subcomponent breakdown...
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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?