Though weak, it topped economists' expectations.
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PMA said its members report a general sense of uncertainty over industrial demand, the election outcome, and whether tariffs will increase.
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It far surpassed economists’ expectations and followed two straight flat months.
The U.S. central bank had collectively forecasted three interest rate cuts in 2024 as recently as March 21.
Overall, May’s reading indicated that inflation pressures are easing.
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Orders through the first months of the year were up nearly 5% over 2023.
The U.S. wholesale distribution’s sector’s overall revenue outlook for 2024 moved more aligned with its historical growth average, with an even better 2025 to follow.
April's orders sunk by nearly the same amount that they spiked in March, which is when many builders of such machinery end their fiscal year.
Sales rebounded from a modest March decline and held steady on an annual basis. Meanwhile, inventories also ticked up.
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Year-to-date, spending is pacing strong at 10.9% above the first four months in 2023.
The industrial economy barometer has been in contraction territory for 18 of the past 19 months through May.
More sluggish than previously estimated, it marked the slowest growth quarter since 2Q22.
April marked the first three-month gain streak since the spring of last year.
It flipped from a strong 4.9% monthly gain in February.
Mirroring the latest MDM Forecast, revenue forecasts from manufacturing respondent now expect low single-digit revenue growth.
