April 2020 ISM manufacturing index:

  • Prior as 49.1
  • New orders 27.1 vs 42.2 prior
  • Employment 27.5 vs 43.8 prior
  • Prices paid 35.3 vs 33.0 expected
  • Full report

This is a significant beat and it's helped risk assets. USD/JPY is higher now but the rally came before the data.

Comments in the report:

  • "Thirty-percent decrease for April due to COVID-19 impact on both customers and suppliers." (Computer & Electronic Products)
  • "Production stopped, other than to make hand sanitizer for those in need." (Chemical Products)
  • "COVID-19 has created a wave of activities, including vendors closing, vendors focusing only on the medical industry, employees not coming to work, delayed shipments from overseas, [and] etcetera." (Transportation Equipment)
  • "The food processing B2B space remains steady. We are weathering the storm. There is a fortunate increased need for packaged foods. Softening is showing through in some products that find their way into food service and lodging." (Food, Beverage & Tobacco Products)
  • "Our refinery is losing money making gasoline due to the falling demand." (Petroleum & Coal Products)
  • "We supply the construction industry in various ways, where the slowdown has been a bit slower than most industries. It is, however; beginning to impact our business, and we see more challenges on the horizon." (Fabricated Metal Products)
  • "The company I work for manufactures personal protective equipment [PPE], specifically N95 masks, face shields, as well as selling protective clothing and hand protection. In the area of PPE, our backlog has spiked to numbers we have never seen. While no doubt some of the backorders will be canceled, many of the orders are longer term commitments from [the] U.S. government." (Apparel, Leather & Allied Products)
  • "Our packaging business is starting to see signs of a slowdown in May after two strong months into COVID-19." (Paper Products)
  • "COVID-19 has destroyed our market and our company. Without a full recovery very soon, and some assistance, I fear for our ability to continue operations." (Nonmetallic Mineral Products)
  • "Dealing with the effects of coronavirus and having 65 percent of our operations down." (Furniture & Related Products)