The Biden Pre-election Boom Continues to Roll Across America

The First Data on Economic Activity Levels in the United States - Every Month
Updated: April 22, 2024

The US Sales Managers Survey Results for April show a continuation of the rapid but still reasonable economic growth seen in previous months.

So far the great engine that is the American economy seems to be working well, largely untouched by the significant rise in interest rates seen recently, or the continuing shadow of wars in Ukraine, Palestine and elsewhere.

The evidence presented by the April Sales Managers Survey suggests that the Federal Reserve's interest rate hikes have had at best a very modest restraining impact on economic activity levels. However, the Fed's efforts at simultaneously cutting price inflation seem to be working less well. The Sales Managers Price index bounced back from a 44 month low in March to a 6 month high reading of 55.8 in April.

Source: World Economics
Note: Data Shown as a Diffusion Index. (50 = 'No Change', above 50 = Increasing growth, below 50 = Declining growth)

The dragon of Price Inflation clearly has not yet been slain.

Sales Managers Index Components

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About the Sales Managers Indexes

The Sales Managers' Indexes provide the earliest monthly data on the speed and direction of economic activity in key growth areas of the world.

The SMI’s (Sales Managers’ Indexes) are compiled and analysed by World Economics and are based on survey data collected from a panel of companies stratifying all Industry Classification Board (ICB) sectors which are weighted to reflect their contribution to national Gross Domestic Product.

Key advantages of the SMI's:

• The SMI's provide the first indication each month of the speed and direction of economic growth.
• The SMI's provide the most complete indication of growth, covering all private sector activity.
• The SMI's are based on a key occupational group - sales executives - uniquely able to sense accurate changes in business activity levels.
• The SMI survey base - salespeople - are used by virtually all businesses, including in frontier markets, unlike other occupational groups.
• The SMI's focus on the key countries contributing to over 60% of United States growth in recent years.