“Economic activity in 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, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.”
“The March PMI® registered 51.8 percent, an increase of 2.3 percentage points from the February reading of 49.5 percent. The New Orders Index registered 58.3 percent, an increase of 6.8 percentage points from the February reading of 51.5 percent. The Production Index registered 55.3 percent, 2.5 percentage points higher than the February reading of 52.8 percent.”
This is good news for the precision machined products industry. Our products make most manufactured technologies function and perform whether, electrical, electronic, hydraulic or fluid power, or simply utility control.
Of the 12 markets reporting growth in March, Furniture & Related Products; Miscellaneous Manufacturing; Machinery; Plastics & Rubber Products; Fabricated Metal Products; Primary Metals; and Computer & Electronic Products are served by our industry. Of the remaining markets reporting contraction, Electrical Equipment, Appliances & Components; Transportation Equipment are markets heavily served by our industry.
The resumption of manufacturing expansion is welcomed, and we hope will put to rest the speculation of a recession just around the corner. Manufacturing represents almost a third of our economy see our article here
ISM report here
Calculated Risk (Graph)
Tag: Manufacturing Sector growth resumed in MArch after 6 consecutive months of contraction