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Manufacturing Index Rises in March |
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Written by Andy Shaughnessy
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Monday, 17 April 2006 |
TEMPE, AZ – The PMI index of the U.S. manufacturing sector rose in March for the 34th consecutive month, while the overall economy grew for the 53rd consecutive month. According to the latest Institute for Supply Management poll, the March PMI dropped to 55.2% from February’s 56.7%, but a score over 50% indicates expansion.
"The manufacturing sector, led by continued strength in new orders and production, continued to grow in March. The first quarter is now complete, and the ISM data indicates that it was a good quarter for U.S. manufacturing,” said Chairman Norbert J. Ore. “Prices are still a major concern, particularly in the energy and metals markets. In general, manufacturing continues to experience a significant level of growth."
Inventories and new orders dropped slightly from February. Employment fell 2.5% from the previous month, to 52.5%. Manufacturers' backlogs in March grew, coming in at 59.5%, compared to February’s 54.5%.
Manufacturers are paying higher prices on average when compared to February, with the March ISM Prices Index reaching 66.5%. While 42% of supply executives reported paying higher prices and 9% reported paying lower prices, 49% of respondents reported that prices were unchanged from the preceding month.
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