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Hi-tech output rebounds in U.S. in April as financial sector slows

Staff Writer |
Growth of output in the U.S. technology sector rebounded in April following a slowdown in March, according to the latest U.S. Sector PMI data from IHS Markit.

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Activity rose at a solid pace that was broadly in line with the trend shown during the first quarter of 2017.

The rate of growth in technology output matched that seen for basic materials – which includes chemicals and resources – and was faster than those seen across the remaining five sectors monitored.

The weakest rise in business activity was registered in the financials sector.

The rate of growth eased to the slowest in the current 13-month sequence of expansion.

Moreover, the US Financials Business Activity Index posted its fifth-lowest level on record since its inception in October 2009.

Another relatively weak performer in April was consumer goods.

Output rose at the slowest rate since June 2016 as new order growth eased to a 27-month low.

The sector had previously registered the strongest growth of all seven categories over the first quarter on average.

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