What Led to the Decline of the ISM New Orders Index in April?

The Institute of Supply Management (or ISM) publishes a monthly manufacturing (FIDU) report on changes to new orders, supplier deliveries, inventories, production, and employment. The institute constructs 11 indexes using this survey and the ISM new orders index captures the changes in the level of new orders at the producer (RGI) level, which acts as an important forward indicator and thus finds its place in the Conference Board Leading Economic Index (or LEI). The ISM new orders index has an overall weight of 15.9% on the Conference Board Leading Economic Index.