Global manufacturing PMI for April 53.3 versus 50.0 last month

Prior month 50.0 Details from S&P Global: Growth components (demand & output) PMI: 53.3 (from 50.0) – strongest since June 2022 Output: Strong increase – fastest pace since May 2022 New orders: Sharp rise – strongest in over 4 years Export orders: Solid growth – best since early 2022 ⚠️ Growth largely driven by stockpiling / inventory building, not pure demand Inventories & purchasing Input buying: Jumped – fastest since June 2022 Input inventories: Slight increase Customer inventories: Being rebuilt (clients securing supply) 🔑 Key driver: fear of shortages and higher future prices Supply chain conditions Vendor delivery times: Worsened sharply Longest delays since March 2025 Issues tied to: Middle East conflict Shipping disruptions (especially maritime routes) 🔴 Ongoing supply chain stress (22 straight months of delays) Prices (inflation pressures) Input prices: Surged – largest increase in 3.5+ years Driven by fuel and freight costs Tariffs also contributing Output prices (selling prices): Firms raised prices at the fastest pace since late 2022 🔥 Clear inflation pressure building in the pipeline Employment & capacity Employment: Slight increase (3rd gain in 4 months) Hiring cautious: Some firms not replacing leavers Reflects: Growth vs uncertainty tension Business sentiment / outlook Confidence: Improved to a 16-month high Firms expect: Stronger demand ahead But concerns remain: Rising costs Tariffs Supply chain risks Big picture takeaway Growth is back, but not clean Driven by defensive stock-building, not organic demand Inflation + supply chain stress = key risks going forward The USDCAD was trading near session lows at 1.3555 ahead of the report. This article was written by Greg Michalowski at investinglive.com.