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- US Manufacturing: Lack of supply remains large constraint – Wells Fargo
US Manufacturing: Lack of supply remains large constraint – Wells Fargo
US Manufacturing sector data released on Monday came in below market consensus. The ISM dropped to 55.4 in April from 57.1 and below the 57.6 expected. The slowdown in the ISM manufacturing index indicated the sector expanded at the slowest pace of activity in over a year-and-a-half in April, explained analysts at Wells Fargo.
Key Quotes:
“The ISM manufacturing index unexpectedly slowed 1.7 points to 55.4 in April. While this reading still indicates expansion in the sector (value above 50 threshold designates expansion from contraction), it suggests activity expanded at the slowest pace in over a year-and-a-half. The underlying details of the report point to a slight pullback in the demand for goods, but purchasing manager comments continue to blame out-of-whack supply chains.”
“The employment component indicated a slower pace of hiring in April, with the largest decline of any component (-5.4 points) to 50.9, a reading that's just above the 50 threshold between expansion and contraction. Today's report doesn't materially change our expectations for Friday's nonfarm payroll report for April, where we forecast employers added 400K net new jobs during the month.”
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