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U.S. PMI Hits 52, Manufacturing Beats Forecast, Fed Cuts Unlikely

4/24/2026

23 4 Full Breakdown

Summary

Story summary

Composite PMI rose to 52.0 from 50.3, expanding U.S. business activity in April.
Manufacturing PMI jumped to 54.0 from 52.3, beating 52.5 forecast.
Services PMI rose to 51.3 from 49.8, ending first contraction since January 2023.
Output-price and input-price indices rose to 59.9 and 62.6, highest since July 2022.
S&P Global Market Intelligence chief economist Chris Williamson warned the surge may keep the Federal Reserve (Fed) from cutting rates.

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Story summary

Composite PMI rose to 52.0 from 50.3, expanding U.S. business activity in April.
Manufacturing PMI jumped to 54.0 from 52.3, beating 52.5 forecast.
Services PMI rose to 51.3 from 49.8, ending first contraction since January 2023.
Output-price and input-price indices rose to 59.9 and 62.6, highest since July 2022.
S&P Global Market Intelligence chief economist Chris Williamson warned the surge may keep the Federal Reserve (Fed) from cutting rates.