Manufacturing companies saw more workers quit in April compared to March, and fewer companies made progress towards meeting their staffing targets, a monthly survey of supply chain executives showed Monday. Orders grew but at a slower pace, with a notable slowdown in export order growth. Overall, the Institute for Supply Management’s index measuring activity in the manufacturing sector fell to its lowest level since July 2020, below what economists had anticipated and indicating a slower pace of growth. “In April, progress slowed in solving labor shortage problems at all tiers of the supply chain,” said Timothy R. Fiore, chair of the Institute for Supply Management, in the report. Those labor shortages and supply chain problems have helped drive inflation to its highest level in four decades, and there was little sign of relief from higher prices in Monday’s report. “So, not a good month for manufacturers,” said Jennifer Lee, senior economist at BMO Capital Markets. Have a question, comment, or story to share? You can reach Diccon at dhyatt@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning!
