ISM Apr Manufacturing PMI Falls To 60.7 vs Mar 64.7

US ISM NEW ORDERS INDEX 64.3 APR VS 68.0 MAR

US ISM EMPLOYMENT INDEX 55.1 APR VS 59.6 MAR

US ISM PRODUCTION INDEX 62.5 APR VS 68.1 MAR

US ISM SUPPLIER DELIVERY INDEX 75.0 APR VS 76.6 MAR

US ISM INVENTORIES INDEX 46.5 MAR VS 50.8 MAR

• The ISM Mfg PMI declined 4pt to 60.7 in Apr, in contrast to markets looking for an uptick to 65.0.
• Apr's reading marks a 3-month low, nevertheless, the index remains comfortably above the 50-mark since Jun 2020.
• This month's decrease was broad-based with every major category posting a decline, led by a 5.6pt drop of Production to the lowest level since Jan.
• Employment fell 4.5pt to 55.1 and Inventories shifted back below the 50-mark to 46.5, while New Orders declined 3.7pt to a 3-month low of 64.3.
• Supplier Deliveries eased by 1.6pt to 75.0, remaining elevated by historical standards.
• Among the other categories, Imports saw the largest decline of 4.5pt to 52.2, followed by Customer's inventory, down 1.5pt to 28.4 and hitting a new record low.
• Prices increased 4pt to 89.6, surging to the highest level since Jul 2008 where the index registered at 90.4.
• Order Backlogs ticked up 0.7pt to 68.2, the highest reading since the series, while Exports edged up 0.4pt to 54.9.