Economic activity in the US manufacturing sector contracted in March for the fifth consecutive month following a 28-month period of growth, according to the latest Manufacturing ISM Report On Business.
The March Manufacturing PMI registered 46.3 percent, 1.4 percentage points lower than the 47.7 percent recorded in February. Regarding the overall economy, this figure indicates a fourth month of contraction after a 30-month period of expansion. The Manufacturing PMI is at its lowest level since May 2020, when it registered 43.5 percent. Index breakdown:
| Index | March level | February level |
| New Orders | 44.3 | 47 |
| Production | 47.8 | 47.3 |
| Prices | 49.2 | 51.3 |
| Backlog of Orders | 43.9 | 45.1 |
| Employment | 46.9 | 49.1 |
| Supplier Deliveries | 44.8 | 45.2 |
| Inventories | 45.2 | 50.1 |
| New Export Orders | 47.6 | 49.9 |
| Imports | 47.9 | 49.9 |
The six manufacturing industries that reported growth in March, in the following order, are: printing and related support activities; miscellaneous manufacturing; fabricated metal products; petroleum and coal products; primary metals; and machinery.
The 12 industries reporting contraction in March, in the following order, are: furniture and related products; nonmetallic mineral products; textile mills; plastics and rubber products; paper products; wood products; food, beverage and tobacco products; apparel, leather and allied products; chemical products; computer and electronic products; electrical equipment, appliances and components; and transportation equipment.