ISM reports steady manufacturing growth in March
Manufacturing activity remains on very strong footing, according to data released by the Institute for Supply Management (ISM).
In its March Manufacturing Report on Business, the ISM reported that the index it uses to measure the manufacturing sector—known as the PMI—was 61.2 percent, a 0.2 percent decline from February’s 61.4. February matched the highest PMI level since May 2004.
Any reading 50 or higher represents economic growth, and March is the 22nd consecutive month economic growth has occurred, according to the report. But the 0.2 percent decline snaps a seventh straight month of month-over-month manufacturing growth.
“The remarkable thing is we have averaged over 60 for the entire first quarter, which indicates a strong amount of momentum,” said Ore. “The first quarter is usually not this strong. It is a very strong performance. If the rest of the economy was behaving like manufacturing, things would be very strong right now, especially in terms of job creation.
On the Employment front, even though March fell 1.5 percent, Ore explained that manufacturers are very willing to hire now where there is a need for it.
“They are filling lots of positions for supply chain jobs, which are picking up dramatically,” he said. “Some of those positions were cut back during the recession and are now being replaced.”
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Leslie G. Brand III | Chief Executive Officer| |
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