US manufacturing activity contracted in April, with ISM's Manufacturing PMI falling to 49.2.

US manufacturing activity contracted in April, with the Institute for Supply Management's (ISM) Manufacturing PMI falling to 49.2 from 50.3 in March, indicating a decline in orders. The new orders sub-index fell to 49.1, and the production sub-index slipped to 51.3 despite rising inflation at the factory gate. The survey's measure of prices paid by manufacturers reached 60.9, the highest reading since June 2022, suggesting goods price disinflation may be close to ending.