Overview
- Manufacturing gauges for April showed expansion in the US, UK, Canada, Japan, Australia and Singapore, but surveyors said much of the lift came from firms building safety stocks rather than stronger end demand.
- Supplier delivery times lengthened sharply, with Japan reporting the worst delays in 15 years and the UK, Australia and Canada also seeing notable setbacks as Strait of Hormuz closures and Red Sea detours slowed shipping.
- Input costs rose to multi‑year highs as higher fuel, freight and raw material prices fed through supply chains, and many manufacturers raised selling prices to protect margins.
- Employment and sentiment sent mixed signals, with hiring resuming in Japan and the UK, cuts reported in Australia, a weak US employment index, and business confidence slipping toward multi‑year lows in several surveys.
- Economists warned that PMI headlines can be flattered when delays lengthen because the index treats slower deliveries as a sign of strain on capacity, raising the risk of a short‑lived output boost that fades as inventories unwind while inflation stays firm.