Manufacturing index increases in March

Author:
Updated:
Original:

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.

Click here for the full report.

Related

Quick Hits: October 28, 2020

Ranger Tugs and Cutwater Boats announce dealer awards; Cummins announces 3Q results.

Garmin Q3 Revenues Up 19%

Growth was driven by in part by a 24 percent increase in marine sales.

Groupe Beneteau Expects Revenue Declines

The group reduced investments by 30 percent in response to the Covid-19 pandemic.

A Banner Year for MarineMax

The yacht retailer saw its highest revenue and earnings in the company’s history.

New Boat Registrations Up 5.8% Year to Date

Main powerboat categories were up more than 34% year over year.

Azimut Benetti Group Sees Robust Sales in Asia-Pacific Market

The Italian conglomerate is reporting total sales of over 150 million euros in the region.