US Composite PMI Revised Slightly Higher

The S&P Global US Composite PMI eased to 51.3 in April 2024 from 52.1 in the previous month, pointing to a softer expansion in the country’s private sector activity, but revised higher from the flash estimate of 50.9.

The slower growth in activity was carried by the services sector (51.3 vs 51.7 in March), offsetting a stall in the manufacturing sector (50 vs 51.9).

New business at the aggregate level declined for the first time in six months amid renewed contractions in both factories and service providers, although manufacturers noted a fresh uptick in new business from abroad.

Still, lower backlogs allowed both sectors to notch slight expansions in output.

In the meantime, employment decreased to end a 45-month sequence of job creation.

On the price front, both input costs and output charges slowed.

Looking forward, business confidence was also softer, but expectations for the next 12 months remained in the positive territory.