The Institute for Supply Management’s (ISM’s) PMI report for April showed continued growth in U.S. manufacturing, albeit at a slower rate. The PMI was 60.7, a decrease of -4.0 from 64.7 in March (a reading above 50.0 indicates expansion). According to ISM, “companies and suppliers continue to struggle to meet increasing rates of demand due to coronavirus (COVID-19) impacts limiting availability of parts and materials. Recent record-long lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are continuing to affect all segments of the manufacturing economy. Worker absenteeism, short-term shutdowns due to part shortages, and difficulties in filling open positions continue to be issues that limit manufacturing-growth potential.” See the full report here.
