Published: 2026-04-23T14:01:14.000Z
U.S. April S&P PMIs - Manufacturing stronger still, Services less weak
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April’s preliminary S and P PMIs are improved with manufacturing at 54.0 from 52.3 to reach its highest since May 2022. Services at 51.3 picked up from March’s weak 49.8, seeing the composite up to 52.0 from 50.3.
The strength of manufacturing follows improved Philly Fed and Empire State manufacturing surveys in April. This resilience to the situation in the Middle East suggests manufacturing remains supported by a strong business investment picture.
The services index is still quite subdued suggesting higher gasoline prices are weighing on consumers, though March’s move below neutral has not been sustained. The S and P services PMI is not well correlated with the ISM services index which has remained quite firm even with a dip in March.
