S&P Global’s US Manufacturing Purchasing Managers’ Index (PMI) has come below estimates for April, reading 49.9 against an expected 52.0. This indicates that US manufacturing activity is slowing.
S&P Global Market Intelligence Chief Business Economist Chris Williamson joins Yahoo Finance Anchors Seana Smith and Madison Mills to dive deeper into this data and what it is signaling about economic pullbacks and recession fears related to the Federal Reserve’s interest rate holdouts.
"The economy is still growing in April. So the start of the second quarter, you’re seeing a growth expansion persist. We had a reading in the first quarter, an average reading consistent with 2% growth, slipping a little bit below that now," Williamson says. "The economy is still expanding, but a little bit of a wobble perhaps in April. It’s going to be interesting to watch this and see how that persists."
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