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Economic activity in the manufacturing sector expanded in March for the 32nd consecutive month, and the overall economy grew for the 34th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
The report was issued today by Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Manufacturing Business Survey Committee.
"The PMI registered 53.4%, an increase of 1% from February's reading of 52.4%, indicating expansion in the manufacturing sector for the 32nd consecutive month. The Production Index increased 3% from February's reading of 55.3% to 58.3%, and the Employment Index increased 2.9% to 56.1%. Of the 18 industries included in the survey, 15 are experiencing overall growth. Comments from the panel remain positive, with several respondents citing increased sales and demand for the next few months."
Of the 18 manufacturing industries, 15 are reporting growth in March, in the following order:
- Apparel, Leather & Allied Products
- Nonmetallic Mineral Products
- Primary Metals
- Petroleum & Coal Products
- Paper Products
- Machinery
- Miscellaneous Manufacturing
- Wood Products
- Furniture & Related Products
- Transportation Equipment
- Plastics & Rubber Products
- Food, Beverage & Tobacco Products
- Printing & Related Support Activities
- Fabricated Metal Products
- Electrical Equipment, Appliances & Components
The industries reporting contraction in March are:
- Computer & Electronic Products
- Chemical Products
To read the full report from the Institute for Supply Management, click here