U.S. manufacturing sector contracts for sixth straight month in April
U.S. manufacturing pulled off a three-year low in April as new orders improved slightly and employment rebounded, but activity remained depressed amid higher borrowing costs and tighter credit, which have raised the risk of a recession this year.
“The persistent pricing pressure on manufacturers should abate in the coming months. Still, the Fed will likely hike rates this week and perhaps start telegraphing their likely decision to pause the rate-hiking campaign later this summer.” The ISM says a PMI reading below 48.7 per cent over a period of time generally indicates the economy is in recession.
Stocks on Wall Street were trading higher, while the dollar gained against a basket of currencies and U.S. Treasury prices fell. Transportation equipment manufacturers viewed business as “steady,” while makers of miscellaneous products said “conditions remain strong, with sales and bookings exceeding plan.” Primary metals makers said “business is slowing, but in some ways, it isn’t.”
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