- Prior month 50.0
Details:
Growth components (demand & output)
- PMI: 53.3 (from 50.0) – strongest since June 2022
- Output: Strong increase – fastest pace since May 2022
- New orders: Sharp rise – strongest in over 4 years
- Export orders: Solid growth – best since early 2022
- ⚠️ Growth largely driven by stockpiling / inventory building, not pure demand
Inventories & purchasing
- Input buying: Jumped – fastest since June 2022
- Input inventories: Slight increase
- Customer inventories: Being rebuilt (clients securing supply)
- 🔑 Key driver: fear of shortages and higher future prices
Supply chain conditions
- Vendor delivery times: Worsened sharply
- Longest delays since March 2025
-
Issues tied to:
- Middle East conflict
- Shipping disruptions (especially maritime routes)
- 🔴 Ongoing supply chain stress (22 straight months of delays)
Prices (inflation pressures)
- Input prices: Surged – largest increase in 3.5+ years
- Driven by fuel and freight costs
- Tariffs also contributing
- Output prices (selling prices):
- Firms raised prices at the fastest pace since late 2022
- 🔥 Clear inflation pressure building in the pipeline
Employment & capacity
- Employment: Slight increase (3rd gain in 4 months)
-
Hiring cautious:
- Some firms not replacing leavers
-
Reflects:
- Growth vs uncertainty tension
Business sentiment / outlook
- Confidence: Improved to a 16-month high
-
Firms expect:
- Stronger demand ahead
-
But concerns remain:
- Rising costs
- Tariffs
- Supply chain risks
Big picture takeaway
- Growth is back, but not clean
- Driven by defensive stock-building, not organic demand
- Inflation + supply chain stress = key risks going forward
The USDCAD was trading near session lows at 1.3555 ahead of the report
Global manufacturing PMI for April 53.3 versus 50.0 last month
