US DATA: Apr mfg ISM text: “The recent trend of rapid growth in the
manufacturing sector continued in April as the PMI registered above 60
percent for the fourth consecutive month. The New Orders and Production
Indexes continue to drive the PMI, as they have both exceeded 60 percent
for five consecutive months. Manufacturing employment appears to have
developed significant momentum, as the Employment Index readings for the
first four months of 2011 are the highest readings in the last 38 years.
Inventory growth also took place in April after two months of
destocking; however, the inventory restocking would appear to be
necessitated by the strong performance in new orders. While the
manufacturing sector is definitely performing above most expectations so
far in 2011, manufacturers are experiencing significant cost pressures
from commodities and other inputs.” 17/18 are reporting growth. WHAT
RESPONDENTS ARE SAYING: “Rapidly rising raw material costs putting
extreme pressure on profits.” (Food, Beverage & Tobacco Products)
“Plastic resin product prices are climbing fast.”