The manufacturing sector expanded in March for the first time in the last six months, while the overall economy grew for the 82nd consecutive month, according to supply executives in the latest Manufacturing ISM Report on Business. The March PMI was 51.8 percent, an increase of 2.3 percentage points from the February reading.
The New Orders Index registered 58.3 percent, an increase of 6.8 percentage points from February. The Production Index registered 55.3 percent, 2.5 percentage points higher than February. The Employment Index registered 48.1 percent, 0.4 percentage points below the February reading.
A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
Of the 18 manufacturing industries, 12 are reporting growth in March in the following order: Printing & Related Support Activities; Furniture & Related Products; Nonmetallic Mineral Products; Miscellaneous Manufacturing; Machinery; Plastics & Rubber Products; Food, Beverage & Tobacco Products; Fabricated Metal Products; Chemical Products; Paper Products; Primary Metals; and Computer & Electronic Products.
The five industries reporting contraction in March are: Apparel, Leather & Allied Products; Textile Mills; Electrical Equipment, Appliances & Components; Transportation Equipment; and Petroleum & Coal Products.
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