Prior month 54.0Non-manufacturing PMI 53.6 vs 53.7 estimateBusiness activity 55.9 vs 53.9 last monthEmployment 48.0 versus 45 point to last monthNew Orders 53.5 vs 60.6 last monthPrices paid 70.7 vs 70.7 last monthSupplier deliveries 56.8 versus 56.2 last month.Inventories 53.1 versus 54.8 last month.Backlog of orders 53.0 versus 53.6 last monthNew export orders 52.1 versus 50.7 last monthImport 54.7 versus 55 point to last monthInventory sentiment 55.1 versus 54.3 last month
Summary of the details from the report:
14 industries reported growth in April (vs 13 in March); 3 industries remained in contraction
Services PMI: 53.6% – 1.1 points above 12-month average (52.5%)
12-month average: 52.5% – up 0.2 points from March (52.3%)
Fourth straight monthly increase in the 12-month average (up from 51.7% in Dec 2025)
Prices Index: Flat but above 70 – sustained pressure from higher oil and fuel costs
Supplier Deliveries: Slower – 3.9 points above its 12-month average
Business Activity, Supplier Deliveries, and Employment increased
New Orders: Fell sharply (-7.1 points), offsetting gains in other components
Backlogs: Remained in expansion and well above 12-month average (46.4%)
Exports and imports: Expanded for third straight month (longest streak since Jul–Oct 2024)
Commodities: No items reported down in price
Rising prices: Aluminum, copper, lumber, petroleum products, software licensing
Commentary: March demand partly driven by front-loading ahead of price increases; less evident in April
Energy impact: Petroleum costs not fully passed through yet, suggesting continued elevated price pressures ahead
Outlook: Prices Index likely to stay elevated for several months as energy costs filter through supply chains
Employment rose but less than 50 once again. New orders fell sharply but still expanding. Prices remain steady. Overall a mixed/as expected report
This article was written by Greg Michalowski at investinglive.com.