Investing.com – Manufacturing activity in the U.S. fell less-than-expected in April, industry data showed on Monday.
In a report, the Institute for Supply Management said its index of purchasing managers slipped to 60.4 in April, compared to March’s reading of 61.2.
Analysts had expected the ISM index of purchasing managers to decline to 59.7 in April.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices rose unexpectedly in April, increasing to 85.5, after climbing to 85.0 in March, confounding expectations of a drop to 83.0.
The New Orders and Production Indexes continue to drive the PMI, as they have both exceeded 60.0 for five consecutive months. Manufacturing employment appears to have developed significant momentum, as the Employment Index readings for the first four months of 2011 are the highest readings in the last 38 years.
Norbert J. Ore, chair of the ISM Manufacturing Business Survey Committee said, “While the manufacturing sector is definitely performing above most expectations so far in 2011, manufacturers are experiencing significant cost pressures from commodities and other inputs."
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.31% to hit 1.4852.
Meanwhile, U.S. equity markets were up after the open. The Dow Jones Industrial Average added 0.25%, the S&P 500 index rose 0.23%, while the Nasdaq Composite index gained 0.19%.
In a report, the Institute for Supply Management said its index of purchasing managers slipped to 60.4 in April, compared to March’s reading of 61.2.
Analysts had expected the ISM index of purchasing managers to decline to 59.7 in April.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices rose unexpectedly in April, increasing to 85.5, after climbing to 85.0 in March, confounding expectations of a drop to 83.0.
The New Orders and Production Indexes continue to drive the PMI, as they have both exceeded 60.0 for five consecutive months. Manufacturing employment appears to have developed significant momentum, as the Employment Index readings for the first four months of 2011 are the highest readings in the last 38 years.
Norbert J. Ore, chair of the ISM Manufacturing Business Survey Committee said, “While the manufacturing sector is definitely performing above most expectations so far in 2011, manufacturers are experiencing significant cost pressures from commodities and other inputs."
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.31% to hit 1.4852.
Meanwhile, U.S. equity markets were up after the open. The Dow Jones Industrial Average added 0.25%, the S&P 500 index rose 0.23%, while the Nasdaq Composite index gained 0.19%.