Manufacturers’ inventories contracted in April following one month of growth as the Inventories Index registered 49.4 percent. The index is 5.9 percentage points lower than the March reading of 55.3 percent. An Inventories Index greater than 42.6 percent, over time, is generally consistent with expansion in the Bureau of Economic Analysis’ (BEA) figures on overall manufacturing inventories (in chained 2000 dollars).

The five industries reporting higher inventories in April are: Apparel, Leather & Allied Products; Computer & Electronic Products; Machinery; Miscellaneous Manufacturing; and Fabricated Metal Products. The five industries that reported decreases in inventories in April are: Paper Products; Plastics & Rubber Products; Chemical Products; Food, Beverage & Tobacco Products; and Nonmetallic Mineral Products.