Citing data from the Institute for Supply Management, the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com) said that the purchasing managers index (PMI) increased by a greater-than-expected 1.4 points to 54.8 in April. In this type of index, values above 50 indicate expanding business activity. The numbers were included in ACC’s latest Weekly Chemistry and Economic Report.
The manufacturing sector continued its run of recent success, expanding for the 33rd consecutive month. Sixteen of the 18 industries included in the analysis saw overall growth in April, including the chemical industry, the ACC report said.
Outside the manufacturing sector, the week’s economic reports were generally positive, ACC said, including improved consumer incomes and spending. However, an employment report out this week showed lower-than-expected gains in April, the ACC report indicated.