US Manufacturing Growth Carves Nine-Month High

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.