ISM manufacturing PMI unexpectedly retreats in April

• April ISM Manufacturing Index: 60.7 vs. 65.0 expected and 64.7 prior.
• Still, the number indicates overall economic expansion for the 11th straight month. A Manufacturing PMI over 43.1%, over a period of time, generally indicates an expansion of the overall economy.
• New Orders to 64.3 from 68.0; Production to 62.5 from 68.1.
• Employment to 55.1 from 59.6; Supplier Deliveries to 75 from 76.6; Backlogs to 68.2 from 67.5.
• Prices to 89.6 from 85.6.
• "Recent record-long lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are continuing to affect all segments of the manufacturing economy," said Timothy R. Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee.
• "Worker absenteeism, short-term shutdowns due to part shortages, and difficulties in filling open positions continue to be issues that limit manufacturing-growth potential," he added.
• Optimistic panel sentiment increased with 11 positive comments for each cautious comment vs. 8-to-1 in March