According to the most recent Manufacturing Report on Business from the Institute for Supply Management, the manufacturing industry saw growth for the fourth consecutive month, but at a slower rate. The March “PMI” registered at 51.3 percent, while February registered at 54.2 percent, down 2.9 percent. According to the most recent Manufacturing Report on Business, March marks the 46th consecutive month of growth for the overall economy.
The Employment Index registered at 54.2 for March, an increase of 1.6 percentage points compared to February. A reading above 50 percent indicates expansion in the manufacturing industry. For March, three out of the five PMI sectors had index readings above 50 percent, however, for all sectors, their general direction is still growing.
There are a total of 18 manufacturing industries reported, in which 14 saw growth in March. The report for March shows mixed indices, though it leaves plenty of room for optimism as the trends still indicate growth in the manufacturing industry.
One respondent in the transportation segment noted: “General business conditions and industrial markets remain strong.”