Latest data released by Markit - 1 May 2019
- Prior 55.1
The print here is in-line with expectations as stock purchases fall to 58.8 from the record-high 66.2 in March. That's the lowest stockpiling level since January but still relatively elevated. The more notable point in the release here is that export orders is seen falling at its second-fastest rate since October 2014.
This indicates that stockpiling still has some aftereffects on the reading here as trade conditions continue to suffer (mostly exports). It looks like we're starting to see initial signs of the bullwhip effect at play here. Let's see if the May print next month will confirm that.