Economic Barometer: April 2023

• The Institute for Supply Management says U.S. manufacturing activity contracted in March for the fifth consecutive month.
  • OMA Connections Partner RSM writes: “It has become evident that the manufacturing sector might have already slipped into a recession.”
  • Since Q4 2022, there has been a modest decline in the total number of job openings, including manufacturing jobs, posted at Ohio Means Jobs.
  • Construction in the manufacturing sector has been booming — up more than 50% since February 2022.

Meanwhile, RSM says the latest inflation readings reaffirm its belief that an end to the Fed’s interest rate hikes is “only a couple of months away.” 4/6/2023