IHS Markit said on Friday (23rd) that with the acceleration of vaccination, epidemic restrictions have been gradually relaxed across the United States, driving a strong rebound in customer demand. In April, the growth rate of manufacturing and service industry activities in the United States both hit a record high since 2009.
US Market PMI report:
- The initial value of the manufacturing PMI in April was reported at 60.6, the previous value was 59.1
- The initial value of the service industry PMI in April was 63.1, and the previous value was 60.4
- The initial value of the comprehensive PMI in April was 62.2, and the previous value was 59.7
- The initial value of the manufacturing output index in April reported 57.2, the previous value was 55.6
The Markit report pointed out that the relaxation of restrictions and strong sales are driving the accelerated growth of business activities, the number of new orders has increased, and the factory has also increased the recruitment of manpower. The expansion of the manufacturing and service industries pushed the composite index to 62.2, the highest since October 2009.
Markit also said that supply shortages and logistics bottlenecks continue to disrupt manufacturers, and simultaneously push up the cost of raw materials, causing the price index to soar to a record high.
Chris Williamson, chief business economist at IHS Markit, said in a statement that the introduction of vaccines, relaxation of restrictions, optimistic economic prospects and stimulus measures have helped the US economy get a good start in the second quarter.
But Williamson warned that worsening supply chain problems still put pressure on the economic outlook, especially in terms of prices. In addition, supply chain delays have led to a substantial increase in the backlog of unfinished work, setting a new high in more than seven years. In the short term, companies will continue to struggle to improve their operational capabilities.