TEMPE, AZ – Economic activity in the manufacturing sector expanded in April for the fifth consecutive month, says the Institute for Supply Management.

The April PMI dipped a slight 60 basis points to 50.7%. New orders rose to 52.3%, up 90 basis points. Production was up 1.3 percentage points to 53.5%. Inventories (46.5%) and customer inventories (44.5%) both fell 3 percentage points, respectively. Backlogs went up 2 percentage points to 53%.

“The PMI registered 50.7%, indicating expansion in manufacturing for the fifth consecutive month, but at the lowest rate of the year. The Prices Index registered 50%, decreasing 4.5 percentage points from March, indicating that overall raw materials prices remained unchanged from last month,” said Bradley J. Holcomb, ISM chair.

The overall economy grew for the 47th consecutive month, the firm says.

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