US manufacturing PMI beat expectations in April

The US Manufacturing Industry Purchasing Managers Index (PMI) rose 1.2 points month on month to 50.4 in April, surpassing market expectations.

S&P Global has released the leading US manufacturing, services and composite PMI data for April.

Accordingly, manufacturing industry PMI increased by 1.2 points to 50.4 in April compared to the previous month.

Market expectations were for the index to take the value of 49 in this period. The index, which points to growth in the manufacturing sector by reaching its highest level in 6 months, was 49.2 in March.

Service sector PMI in the USA increased by 1.1 points compared to the previous month and rose to 53.7 in April.

The index, which surpassed market expectations and reached its highest level in 12 months, was expected to take the value of 51.5. The index was recorded as 52.6 in March.

Composite PMI covering the manufacturing and services sectors, on the other hand, increased by 1.2 points month-on-month to 53.5 in April.

Market expectations were for the index to take the value of 52.8. The index, which recorded its highest level in 11 months, was 52.3 in March.

S&P Global Chief Economist Chris Williamson, whose views were included in the statement, stated that after the 7-month contraction until January, there were signs that business activity regained its growth momentum in April.

The fact that the PMI data is 50 and above will lead to expansion in the sector, under remainder indicates contraction.