US PMI rebounds in April amid supply chain pressures. The S&P Global Composite Output Index climbed to 52.0 from March's two-and-a-half-year low of 50.3, signaling a modest recovery in business activity following Middle East tensions. However, services expansion remains the second-weakest in 14 months as demand growth continues cooling. Supply chain concerns are driving stockpiling behavior, which temporarily boosts growth but masks underlying weakness in consumer demand. Inflation pressures persist as businesses build inventory ahead of anticipated disruptions. While the rebound offers some relief after March's near-stall, the data reveals fragile economic momentum and persistent headwinds for sustained expansion going forward.
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