Gate News message, April 24 — The U.S. composite PMI rose to 52.0 in April, marking a three-month high and signaling a slight economic recovery following a sluggish March. Manufacturing PMI reached 54.0, its highest level in 47 months. However, prices for goods and services increased at their quickest pace since July 2022, driven largely by companies rushing to stock up before costs climb further and supply chains face disruption.
Much of the manufacturing growth reflects defensive purchasing rather than genuine consumer demand, with survey responses citing “panic buying” and “emergency buying.” Services PMI edged up to 51.3 but remains the second-lowest reading of the past year, with new orders barely growing. Businesses and households are holding back spending amid geopolitical tensions and stretched budgets. Supply chain delays in April hit their worst level since August 2022, while inflation in manufacturing products reached a ten-month high and service sector price rises climbed to a 45-month high.
Consumer sentiment has deteriorated sharply. A Fox poll found that 70% of Americans believe the economy is worsening, up from 55% a year ago, with only 26% saying conditions have improved. President Trump’s economic approval rating dropped to 30% in April from 38% in March, with just 25% approving of his handling of the cost of living. Energy costs, driven higher by the U.S. naval blockade on Iran and Iran’s closure of the Strait of Hormuz, have pushed oil prices toward $90 a barrel, raising concerns that gasoline could reach $5 per gallon.
The Federal Reserve faces mounting pressure. With inflation accelerating according to PMI data, the central bank will struggle to justify interest rate cuts. The gap between economic indicators showing recovery and widespread consumer pessimism underscores the challenge: growth appears driven by fear and uncertainty rather than sustainable demand.
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