US manufacturing PMI at 4-month low

S&P Global has released the preliminary PMI data for the US manufacturing, services, and composite sectors for April 2024.

Accordingly, the manufacturing PMI fell by 2 points in April compared to the previous month, dropping to 49.9.

The index, which hit its lowest level in 4 months during this period, was expected to reach 52. The index, which came in below market expectations, was 51.9 in March.

DATA DECLINED

The US services sector PMI also decreased by 0.8 points in April compared to the previous month, falling to 50.9.

The index, which recorded its lowest level in 5 months and remained below market expectations, was estimated to reach 52. The index, which indicates a slowdown in the expansion of the services sector, was 51.7 in March.

The composite PMI, covering both manufacturing and services sectors, also fell by 1.2 points on a monthly basis in April to 50.9. The index, which recorded its lowest level in 4 months during the period in question, was 52.1 in March.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated in his assessment of the data that the recovery in the US economy lost momentum at the beginning of the second quarter.

PMI data values of 50 and above indicate expansion in the sector, while values below 50 indicate contraction.