The Markit US Manufacturing PMI printed at an expected 55.4 – flat from March – but under the surface were some troubling trends. The pace of expansion in job creation was the slowest since January (but but but, we are in the post-weather period now?) and weak overseas demand continues to mean export performance disappoints, with only modest growth of new export orders recorded again in April. As Markit warns, “the underlying growth rate of the economy has weakened since late last year.”
Seaonally-adjusted the post-weather jump did not occur…
Full subcomponent breakdown…
via Zero Hedge http://ift.tt/1i1bxoa Tyler Durden