Economic activity in the manufacturing sector expanded in March for the 32nd consecutive month and the overall economy grew for the 34th consecutive month, the nation's supply executives said in the latest Manufacturing ISM Report on Business.
“The PMI registered 53.4 percent, an increase of 1 percentage point from February's reading of 52.4 percent, indicating expansion in the manufacturing sector for the 32nd consecutive month,” said Bradley Holcomb, chairman of the Institute for Supply Management Manufacturing Business Survey Committee.
“The Production Index increased 3 percentage points, from February's reading of 55.3 percent to 58.3 percent, and the Employment Index increased 2.9 percentage points to 56.1 percent,” he added. “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.”
A PMI in excess of 42.6 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the PMI indicates growth for the 34th consecutive month in the overall economy.