美国供应管理协会：4月份美国非制造业NMI指数报告

美国供应管理协会：4月份美国非制造业NMI指数报告(2020.05.12) .zhubiaoti {font-family: 黑体;font-size:18pt;line-height:23pt; text-align:center;FONT-weight:800;color:black} .fubiaoti {font-family: 黑体;font-size:14pt;line-height:20pt; text-align:center;FONT-weight:700;color:black} .zhongwen{font-size:12pt;line-height:180%} .yingwen{font-size:13pt;line-height:150%} .tiyao{font-family: 楷体_GB2312;font-size:14pt;line-height:150%} 　　提要：美国供应管理协会（ISM）最新发布的《非制造业ISM商业报告》显示，2020年4月份，美国非制造业经济活动结束了持续122个月的增长，转为下跌。4月份非制造业指数（NMI）下降10.7个百分点，至41.8%，创下2009年5月以来新低。在分项指数之中，非制造业商务活动指数下降22个百分点，至26%，表明商务活动出现2009年7月以来的首次下滑。新订单指数下降20个百分点，至32.9%。就业指数下降17个百分点，至30%。价格指数上升5.1个百分点，至55.1%。18个非制造业行业有2个实现增长，16个行业下滑。 　　（外脑精华·北京）美国供应管理协会（ISM）最新发布的《非制造业ISM商业报告》显示，2020年4月份，美国非制造业经济活动结束了持续122个月的增长，转为下跌。 　　4月份非制造业指数（NMI）下降10.7个百分点，至41.8%，创下2009年5月以来新低，表明非制造业经济活动转入下滑。在分项指数之中，非制造业商务活动指数下降22个百分点，至26%，表明商务活动出现2009年7月以来的首次下滑。新订单指数下降20个百分点，至32.9%。就业指数下降17个百分点，至30%。价格指数上升5.1个百分点，至55.1%，表明价格水平上涨。18个非制造业行业有2个实现增长，16个行业下滑。 表1：2020年4月美国非制造业与制造业调查对比 　 非制造业 制造业 指数 4月 3月 百分点的变化 方向 变化速度 当前趋势持续月数 4月 3月 百分点的变化 NMI/PMI 41.8 52.5 -10.7 下降 由增长转为下降 1 41.5 49.1 -7.6 商务活动/生产 26.0 48.0 -22.0 下降 加速 2 27.5 47.7 -20.2 新订单 32.9 52.9 -20.0 下降 由增长转为下降 1 27.1 42.2 -15.1 就业 30.0 47.0 -17.0 下降 加速 2 27.5 43.8 -16.3 供应商配送 78.3 62.1 +16.2 放缓 加速 11 76.0 65.0 +11.0 库存 46.9 41.5 +5.4 下降 放缓 2 49.7 46.9 +2.8 价格 55.1 50.0 +5.1 提升 由不变转为提升 1 35.3 37.4 -2.1 积压订单 47.7 55.0 -7.3 下降 由增长转为下降 1 37.8 45.9 -8.1 新出口订单 36.3 45.9 -9.6 下降 加速 2 35.3 46.6 -11.3 进口 49.3 40.2 +9.1 下降 放缓 2 42.7 42.1 +0.6 库存评估 62.6 47.8 +14.8 过高 由过低转为过高 1 N/A N/A N/A 客户库存 N/A N/A N/A N/A N/A N/A 48.8 43.4 +5.4 整体经济 下降 由增长转为下降 1 非制造业行业 下降 由增长转为下降 1 　　注：（1）ISM非制造业报告对商务活动、新订单、价格与就业指数进行季节性调整；制造业报告对新订单、生产、就业、供应商配送时间以及库存进行季节性调整；（2）当前趋势持续月数指沿当前趋势运行的月份数目；（3）N/A为不存在相关数据。 　　,非制造业指数。4月份，NMI为41.8%，比上个月52.5%下降10.7个百分点，这是非制造业自2009年3月以来最低值。表明非制造业结束122个月增长，开始下降。作为扩散指数，NMI高于50%意味着非制造业正在扩张，低于50%意味着非制造业正在收缩。 　　如果某时段的NMI高于48.5%，通常意味着该时段美国总体经济活动正在扩张。因此，最新NMI数值意味着，在非制造业活动下滑的同时，总体经济活动也结束了持续128个月增长，转为下跌。从NMI和总体经济的历史关系推算，4月份41.8%的NMI对应于实际 GDP按年率计算下滑2.3%。 表2：最近12个月NMI指数 月份 NMI 月份 NMI 月份 NMI 2020.04 41.8 2019.11 53.9 2019.06 55.4 2020.03 52.5 2019.10 54.4 2019.05 56.3 2020.02 57.3 2019.09 53.5 12个月平均 53.9 2020.01 55.5 2019.08 56.0 最高 57.3 2019.12 54.9 2019.07 54.8 最低 41.8 　　商务活动指数。4月份，ISM非制造业商务活动指数为26%，比上个月48%下降26个百分点。这表明商业活动连续2个月下降，且该指数为1997年引入以来最低水平。 表3：2020年4月商务活动指数 商务活动 上升(%) 不变(%) 下降(%) 指数 2020.04 20.9 15.1 64.0 26.0 2020.03 26.3 43.1 30.6 48.0 2020.02 34.0 56.7 9.2 57.8 2020.01 29.7 53.0 17.3 60.9 　　新订单指数。4月份，ISM非制造业新订单指数为32.9%，比上个月52.9%下降20个百分点，表明非制造业新订单结束连续128个月增长，开始下降。 表4：2020年4月新订单指数 新订单 上升(%) 不变(%) 下降(%) 指数 2020.04 26.7 17.4 55.9 32.9 2020.03 30.4 45.6 23.9 52.9 2020.02 39.6 52.3 8.0 63.1 2020.01 26.2 51.2 22.7 56.2 　　就业指数。4月份非制造业部门就业活动在连续72个月增长之后第2个月下降。ISM非制造业就业指数为30%，比上个月47%下降17个百分点。全部18个行业就业下降。 表5：2020年4月就业指数 就业 上升(%) 不变(%) 下降(%) 指数 2020.04 5.8 47.6 46.6 30.0 2020.03 8.9 76.3 14.7 47.0 2020.02 20.2 67.5 12.3 55.6 2020.01 16.9 69.4 13.7 53.1 　　供应商配送指数。4月份，ISM非制造业供应商配送指数为78.3%，比上月62.1%提升16.2个百分点。这是该指数自1997年引入以来最高水平。该指数高于50%意味着供应商配送速度减缓。 表6：2020年4月供应商配送指数 供应商配送 减缓(%) 不变(%) 加快(%) 指数 2020.04 58.3 39.9 1.8 78.3 2020.03 31.3 61.6 7.1 62.1 2020.02 10.4 84.0 5.6 52.4 2020.01 11.3 80.9 7.8 51.7 　　库存指数。4月份， ISM非制造业库存增长为46.9%，比上月41.5%高5.4个百分点。本月的所有回复者之中，有33.9%称其没有库存，或不计算库存。 表7：2020年4月库存指数 库存 上升(%) 不变(%) 下降(%) 指数 2020.04 29.1 35.6 35.3 46.9 2020.03 20.2 42.8 37.1 41.5 2020.02 21.6 64.6 13.8 53.9 2020.01 19.8 53.5 26.8 46.5 　　价格指数。4月份，非制造业企业的原材料和服务购进价格上涨。ISM非制造业价格指数为55.1%，同上月50%提升5.1个百分点。 表8：2020年4月价格指数 价格 上涨(%) 不变(%) 下跌(%) 指数 2020.04 31.3 52.3 16.3 55.1 2020.03 18.0 67.9 14.1 50.0 2020.02 11.1 80.4 8.5 50.8 2020.01 15.6 79.7 4.7 55.5 　　积压订单指数。4月份，ISM非制造业积压订单指数为47.7%，比上月55%下降7.3个百分点。这是2007年9月以来最高单月降幅，当时该指数下降11.6个百分点。本月有40.8%的回复者称其不计算积压订单。 表9：2020年4月积压订单指数 积压订单 上升(%) 不变(%) 下降(%) 指数 2020.04 30.1 35.1 34.7 47.7 2020.03 22.5 65.1 12.4 55.0 2020.02 21.0 64.3 14.7 53.2 2020.01 12.7 65.7 21.7 45.5 　　新出口订单指数。4月份美国非制造业新出口订单连续第2个月下降。ISM非制造业新出口订单指数为36.3%，同上月45.9%下降9.6个百分点。这是2008年11月以来最低水平。本月有68.4%的回复者称其不接受国外订单，或不单独统计此类订单。 表10：2020年4月新出口订单指数 新出口订单 上升(%) 不变(%) 下降(%) 指数 2020.04 18.1 36.4 45.5 36.3 2020.03 7.8 76.3 15.9 45.9 2020.02 21.1 69.0 9.9 55.6 2020.01 8.4 83.4 8.2 50.1 　　进口指数。4月份，非制造业进口指数为49.3%，比上个月40.2%提升9.1个百分点。本月有55%的回复者称其不使用进口物资，或不记录进口物资的使用情况。 表11：2020年4月进口指数 进口 上升(%) 不变(%) 下降(%) 指数 2020.04 26.4 45.8 27.8 49.3 2020.03 5.2 69.9 24.9 40.2 2020.02 13.0 79.0 7.9 52.6 2020.01 17.2 75.8 7.0 55.1 　　库存评估指数。4月份，ISM非制造业库存评估指数为62.6%，比上月47.8%提升14.8个百分点，这是自2017年7月以来，最高水平且单月涨幅最大。这表明企业认为库存水平过高。 表12：2020年4月库存评估指数 库存评估 过高(%) 适当(%) 过低(%) 指数 2020.04 39.9 45.3 14.8 62.6 2020.03 18.0 59.6 22.4 47.8 2020.02 23.2 72.1 4.7 59.3 2020.01 14.4 80.9 4.7 54.9 　　英文原文：April 2020 Non-Manufacturing ISM? Report On Business? 　　NMI? at 41.8%, Business Activity Index at 26%, New Orders Index at 32.9%, Employment Index at 30%, Supplier Deliveries Index at 78.3%. 　　(Tempe, Arizona) — Economic activity in the non-manufacturing sector contracted in April for the first time since December 2009, ending a 122-month period of growth, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM? Report On Business?. 　　The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management? (ISM?) Non-Manufacturing Business Survey Committee: “The NMI? registered 41.8 percent, 10.7 percentage points lower than the March reading of 52.5 percent. This reading represents contraction in the non-manufacturing sector and is the NMI?’s lowest since March 2009 (40.1 percent). The Business Activity Index fell 22 percentage points from March’s figure, registering 26 percent — the lowest reading for that index since the debut of the Non-Manufacturing ISM? Report On Business? in 1997. The New Orders Index registered 32.9 percent, 20 percentage points below the reading of 52.9 percent in March. The Employment Index decreased to 30 percent, 17 percentage points below the March reading of 47 percent. 　　“The Supplier Deliveries Index registered an all-time high of 78.3 percent, up 16.2 percentage points from the March reading of 62.1 percent, which limited the decrease in the composite NMI?. The Supplier Deliveries Index is one of four equally weighted subindexes that directly factor into the NMI?, along with Business Activity, New Orders and Employment. Supplier Deliveries is the only ISM? Report On Business? index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases. However, the combined 25.9-percentage point increase in March and April was primarily a product of supply problems related to the coronavirus (COVID-19) pandemic. 　　“The Prices Index figure of 55.1 percent is 5.1 percentage points higher than the March reading of 50 percent, indicating that prices increased in April. According to the NMI?, two non-manufacturing industries reported growth. The non-manufacturing sector composite index indicated contraction for the first time since December 2009, when the NMI? was at 49.7 percent. Respondents are concerned about the continuing coronavirus impacts on the supply chain, operational capacity, human resources and finances, as well as the uncertain timelines for the resumption of business and a return to normality.” 　　INDUSTRY PERFORMANCE 　　The two non-manufacturing industries reporting growth in April are: Public Administration; and Finance & Insurance. The 16 industries reporting a decrease in April — listed in order — are: Arts, Entertainment & Recreation; Agriculture, Forestry, Fishing & Hunting; Retail Trade; Other Services; Wholesale Trade; Construction; Transportation & Warehousing; Mining; Professional, Scientific & Technical Services; Information; Accommodation & Food Services; Management of Companies & Support Services; Educational Services; Real Estate, Rental & Leasing; Utilities; and Health Care & Social Assistance. 　　WHAT RESPONDENTS ARE SAYING 　　“General uncertainty over ramp-up timeline post COVID-19.” (Accommodation & Food Services) 　　“The COVID-19 situation has created significant challenges for the agricultural sectors. Milk prices have declined 29 percent in a few weeks. Milk is being dumped on farms because of the loss of markets. Cattle prices are down 28 percent, pork prices down 24 percent, [and] all agriculture sectors are facing significant price declines. Our agriculture economy is challenged, with poultry, pork, and beef processing plants closed due to COVID-19 cases or impaired due to employees afraid to work side-by-side with other employees. Farmers cannot sell fat cattle locally due to processing plant shutdowns.” (Agriculture, Forestry, Fishing & Hunting) 　　“COVID-19 pandemic has forced our business to close as of March 17, 2020. We do not have a re-opening date yet; our purchasing activity has been greatly reduced due to the current business environment.” (Arts, Entertainment & Recreation) 　　“COVID-19 is altering the operation, supply chain and sales process of home-building. Stay-at-home orders have hampered business in residential construction. As ours has been deemed an essential industry, we continue to navigate changing guidelines and restrictions on a daily basis.” (Construction) 　　“The university abruptly transitioned from students on campus to remote teaching for the spring quarter; however, the number of students registered for the quarter has remained consistent with previous years. Overall, activity dropped 17 percent compared to February and 31 percent compared to March 2019.” (Educational Services) 　　“Due to increased loans from [the federal] stimulus package, [we are] seeing an increase in new business.” (Finance & Insurance) 　　“COVID-19 has halted much of our standard work to procure items for our organization. It’s halted much of the world, except for health care. Distributors were woefully unprepared for the spread of this pandemic, and many health-care systems/providers depend on them for inventory planning and availability. Combine that with the global [surgical] gown recall just before the pandemic struck — and isolation masks are created from the same material as isolation gowns — and you had a perfect storm for chaos across the supply chain. It will be very hard for major medical distributors who did not manage their core customers well to recover from both the gown recall and the pandemic. It also provided some insight into whether or not the distributor partners were actually skilled at inventory planning and movement. I believe that the healthcare supply chain landscape will change dramatically after this.” (Health Care & Social Assistance) 　　“The oil exploration sector is very weak, with the record low price of oil and the country’s shutdown due to the COVID-19 threat. We are hopeful for a bump in activity once the country starts to reopen.” (Management of Companies & Support Services) 　　“New challenges working from home and getting inventory to the retail locations.” (Retail Trade) 　　“As an essential business, we have remained open during the month. A significant number of our customers are closed (i.e. schools) and other have substantially reduced their buying (i.e. hotels, office building). Sales of janitorial, sanitation, and paper products [have] increased across all business lines, but other categories are greatly reduced. Overall, reduction in sales of 20 percent to 30 percent.” (Wholesale Trade) 　　ISM? NON-MANUFACTURING SURVEY RESULTS AT A GLANCE COMPARISON OF ISM? NON-MANUFACTURING AND ISM? MANUFACTURING SURVEYS* 　　APRIL 2020 　　*Non-Manufacturing ISM? Report On Business? data is seasonally adjusted for the Business Activity, New Orders, Prices and Employment indexes. Manufacturing ISM? Report On Business? data is seasonally adjusted for New Orders, Production, Employment and Inventory indexes. 　　**Number of months moving in current direction. 　　COMMODITIES REPORTED UP/DOWN IN PRICE AND IN SHORT SUPPLY 　　Commodities Up in Price 　　Air Freight; Cleaning Products (2); Disinfectants; Gloves (2); Hand Sanitizer (2); Isopropyl Alcohol; Janitorial Supplies; Medical Services; Medical Supplies (3); Personal Protective Equipment (PPE) (3); PPE — Masks (2); Surgical Gowns (2); and Ventilators. 　　Commodities Down in Price 　　Cheese; Diesel Fuel (4); Fuel (2); Gasoline (3); Pork; and Steel Products (2). 　　Commodities in Short Supply 　　Alcohol; Cleaning Products (2); Cleaning Supplies (2); Computer Hardware; Disinfectants (2); Face Shields; Gloves; Hand Sanitizer (2); Janitorial Supplies; Labor — Construction; Labor — Temporary (10); Medical Supplies (3); Nasal Swabs; N95 Masks (2); Paper Products (2); Personal Protective Equipment (PPE) (3); PPE — Coveralls (2); PPE — Gowns; PPE — Masks (2); Surgical Masks (3); Safety Equipment; Sanitary Supplies; Toilet Paper (2); and Viral Transport Media. 　　Note: The number of consecutive months the commodity is listed is indicated after each item. 　　NMI? 　　In April, the NMI? registered 41.8 percent, 10.7 percentage points lower than March’s figure of 52.5 percent. The reading is the NMI?’s lowest since March 2009 (40.1 percent) and indicates non-manufacturing sector contraction after 122 consecutive months of growth. A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding; below 50 percent indicates the non-manufacturing sector is generally contracting. 　　An NMI? above 48.5 percent, over time, generally indicates an expansion of the overall economy. Therefore, the April NMI? indicates contraction for the first time after 128 consecutive months of expansion. Nieves says, “The past relationship between the NMI? and the overall economy indicates that the NMI? for April (41.8 percent) corresponds to a 2.3-percent decrease in real gross domestic product (GDP) on an annualized basis.” 　　NMI? HISTORY 　　BUSINESS ACTIVITY 　　ISM?’s Business Activity Index registered 26 percent in April, a decrease of 22 percentage points from the March reading of 48 percent. This represents contraction for the second consecutive month and is the lowest Business Activity Index reading since the NMI?’s inception in 1997. Only one industry (Finance & Insurance) reported an increase in business activity. Comments from respondents include: “Fewer resources to do work” and “All non-essential procedures have been cancelled or delayed.” 　　The 17 industries reporting a decrease in business activity for the month of April — listed in order — are: Arts, Entertainment & Recreation; Agriculture, Forestry, Fishing & Hunting; Transportation & Warehousing; Retail Trade; Other Services; Real Estate, Rental & Leasing; Professional, Scientific & Technical Services; Educational Services; Management of Companies & Support Services; Wholesale Trade; Construction; Utilities; Mining; Health Care & Social Assistance; Information; Accommodation & Food Services; and Public Administration. 　　NEW ORDERS 　　ISM?’s Non-Manufacturing New Orders Index registered 32.9 percent, a decrease of 20 percentage points from the March reading of 52.9 percent. New orders contracted for the first time after 128 consecutive months of expansion. Comments from respondents include: “No new orders booked. Activity level is pretty high, [and we’re] trying to figure how to do business remotely” and “Core business activities at a virtual standstill.” 　　The two industries reporting growth of new orders in April are: Public Administration; and Finance & Insurance. The 16 industries reporting contraction in April — listed in order — are: Arts, Entertainment & Recreation; Agriculture, Forestry, Fishing & Hunting; Retail Trade; Mining; Utilities; Wholesale Trade; Professional, Scientific & Technical Services; Educational Services; Other Services; Construction; Real Estate, Rental & Leasing; Information; Transportation & Warehousing; Management of Companies & Support Services; Accommodation & Food Services; and Health Care & Social Assistance. 　　EMPLOYMENT 　　Employment activity in the non-manufacturing sector contracted in April for the second month in a row following 72 consecutive months of growth. ISM?’s Non-Manufacturing Employment Index registered 30 percent, down 17 percentage points from the March reading of 47 percent. No industry reported an increase in employment, and all 18 industries reported decreased employment. Comments from respondents include: “Furloughs from COVID-19” and “Employees flexing schedules and furloughed due to decrease in volume.” 　　All 18 industries — listed in order — reported a reduction in employment in April: Arts, Entertainment & Recreation; Other Services; Management of Companies & Support Services; Agriculture, Forestry, Fishing & Hunting; Health Care & Social Assistance; Retail Trade; Construction; Transportation & Warehousing; Accommodation & Food Services; Wholesale Trade; Information; Professional, Scientific & Technical Services; Educational Services; Mining; Public Administration; Finance & Insurance; Real Estate, Rental & Leasing; and Utilities. 　　SUPPLIER DELIVERIES 　　The Supplier Deliveries Index registered 78.3 percent, which is 16.2 percentage points higher than the 62.1 percent reported in March. This is the highest reading since the 1997 inception of the Non-Manufacturing ISM? Report On Business?. A reading above 50 percent indicates slower deliveries, while a reading below 50 percent indicates faster deliveries. Comments from respondents include: “Supplier deliveries are being affected by the COVID-19 crisis. Deliveries are slipping due to slower production windows” and “Increased demand on delivery resources.” 　　All 18 industries reported slower deliveries in April; they are listed in order: Management of Companies & Support Services; Utilities; Other Services; Health Care & Social Assistance; Transportation & Warehousing; Educational Services; Real Estate, Rental & Leasing; Professional, Scientific & Technical Services; Retail Trade; Public Administration; Wholesale Trade; Mining; Finance & Insurance; Construction; Information; Agriculture, Forestry, Fishing & Hunting; Arts, Entertainment & Recreation; and Accommodation & Food Services. 　　INVENTORIES 　　The Inventories Index contracted in April, registering 46.9 percent, a 5.4-percentage point increase from the 41.5 percent reported in March. Of the total respondents in April, 33.9 percent indicated they do not have inventories or do not measure them. Comments from respondents include: “Blanket or standing orders postponed; ordering on demand” and “Working through excess stock.” 　　The six industries reporting an increase in inventories in April — listed in order — are: Agriculture, Forestry, Fishing & Hunting; Utilities; Health Care & Social Assistance; Retail Trade; Finance & Insurance; and Information. The 10 industries reporting a decrease in inventories in April — listed in order — are: Arts, Entertainment & Recreation; Educational Services; Real Estate, Rental & Leasing; Construction; Transportation & Warehousing; Accommodation & Food Services; Management of Companies & Support Services; Mining; Professional, Scientific & Technical Services; and Wholesale Trade. 　　PRICES 　　Prices paid by non-manufacturing organizations for materials and services increased in April, with the index registering 55.1 percent. This is 5.1 percentage points higher than the 50 percent reported in March. 　　The 10 non-manufacturing industries that reported an increase in prices paid during the month of April — listed in order — are: Health Care & Social Assistance; Public Administration; Educational Services; Utilities; Other Services; Transportation & Warehousing; Real Estate, Rental & Leasing; Information; Finance & Insurance; and Wholesale Trade. The four industries that reported a decrease in prices in April are: Agriculture, Forestry, Fishing & Hunting; Mining; Construction; and Accommodation & Food Services. 　　NOTE: Commodities reported as up in price and down in price are listed in the commodities section of this report. 　　BACKLOG OF ORDERS 　　ISM?’s Non-Manufacturing Backlog of Orders Index contracted in April after two consecutive months of growth. The index registered 47.7 percent; 7.3 percentage points lower than the 55 percent reported in March. This is the largest one-month drop since September 2007, when the index decreased by 11.6 percentage points. Of the total respondents in April, 40.8 percent indicated they do not measure backlog of orders. 　　The three industries reporting an increase in order backlogs in April are: Health Care & Social Assistance; Accommodation & Food Services; and Public Administration. The 10 industries that reported a decrease in backlogs in April — listed in order — are: Agriculture, Forestry, Fishing & Hunting; Mining; Educational Services; Other Services; Real Estate, Rental & Leasing; Construction; Information; Professional, Scientific & Technical Services; Utilities; and Wholesale Trade. 　　NEW EXPORT ORDERS 　　Orders and requests for services and other non-manufacturing activities to be provided outside of the U.S. by domestically based companies contracted in April for the second consecutive month. The New Export Orders Index registered 36.3 percent in April, which is 9.6 percentage points lower than the 45.9 percent reported in March. This is the index’s lowest reading since November 2008 (34.5 percent). Of the total respondents in April, 68.4 percent indicated they either do not perform, or do not separately measure, orders for work outside of the U.S. 　　The three industries reporting an increase in new export orders in April are: Arts, Entertainment & Recreation; Health Care & Social Assistance; and Public Administration. The 14 industries that reported a decrease in exports in April — listed in order — are: Accommodation & Food Services; Utilities; Agriculture, Forestry, Fishing & Hunting; Real Estate, Rental & Leasing; Educational Services; Mining; Other Services; Wholesale Trade; Professional, Scientific & Technical Services; Transportation & Warehousing; Management of Companies & Support Services; Construction; Information; and Finance & Insurance. 　　IMPORTS 　　The Imports Index contracted for the sixth time in the past eight months, as the index registered 49.3 percent in April, 9.1 percentage points higher than March’s figure of 40.2 percent. After its highest one-month percentage-point decrease (12.4) ever in March, the Imports Index’s 9.1-percentage point increase is the biggest since February 2016. Fifty-five percent of respondents reported that they do not use, or do not track the use of, imported materials. 　　The five industries reporting an increase in imports for the month of April are: Arts, Entertainment & Recreation; Health Care & Social Assistance; Transportation & Warehousing; Educational Services; and Public Administration. The eight industries that reported a decrease in imports in April — listed in order — are: Accommodation & Food Services; Construction; Agriculture, Forestry, Fishing & Hunting; Mining; Professional, Scientific & Technical Services; Information; Management of Companies & Support Services; and Wholesale Trade. 　　INVENTORY SENTIMENT 　　The ISM? Non-Manufacturing Inventory Sentiment Index in April registered 62.6 percent, which is 14.8 percentage points higher than the 47.8-percent reading in March. This is the index’s highest reading since July 2017 and its largest single-month increase ever. This indicates that respondents believe their inventories are too high. 　　The 11 industries reporting sentiment that their inventories were too high in April — listed in order — are: Arts, Entertainment & Recreation; Retail Trade; Agriculture, Forestry, Fishing & Hunting; Real Estate, Rental & Leasing; Wholesale Trade; Other Services; Management of Companies & Support Services; Construction; Mining; Information; and Utilities. The four industries reporting a feeling that their inventories were too low in April are: Educational Services; Public Administration; Professional, Scientific & Technical Services; and Health Care & Social Assistance. 来源：美国供应管理协会 \t