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US Manufacturing Growth Carves Nine-Month High

May 2, 2022 by Forex Winner Leave a Comment

Source: Markit Economics

The manufacturing sector in the United States continued to grow in April, reaching the fastest growth in nine months. QQQ is up 1.12%, while SPY is up 0.67%.

  • The S&P Global US Manufacturing PMI stood at 59.2 in April, up from 58.8 in March. This is the third straight month of growth and the biggest jump since September.
  • Growth was driven mainly by higher output, as new orders jumped and capacity expanded by the fastest since July last year.
  • New order growth was broadly in line with the March reading, while new export order growth recorded the fastest rate in over a year.
  • Input costs grew by a four-month high, driven by higher material and supplier prices, particularly on transportation, fuels, and metals.
  • Work backlogs continued to grow, albeit at a slower basis, as this eased to a 14-month low.
  • Business confidence remained upbeat, driven by optimism about reduced supply chain issues and higher hiring.

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Filed Under: Forex News Tagged With: Manufacturing, USA

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