United States Composite PMI

The S&P Gobal US Composite PMI was revised higher to 56 in April of 2022 from a preliminary of 55.1, but below 57.7 in March. Although slightly slower than the upturn at the end of Q1, the rise in overall output was sharp overall. A faster expansion in manufacturing production (59.2 vs 58.8) was offset by softer service growth (55.6 vs 58). Similarly, the overall expansion in new business eased following a slower upturn in service sector new orders. Nonetheless, the rise in new sales was sharp as domestic and foreign client demand strengthened. New export orders rose at the fastest pace since May 2021. Meanwhile, inflationary pressures intensified further and both input prices and output charges increased at the sharpest rates on record due to material and labor shortages and greater transportation costs. Although firms registered a further rise in employment, labor shortages continued to be highlighted. As a result, backlogs of work grew at a sharp pace.