Economic activity in the US manufacturing sector expanded in March, and the overall economy grew for the 119th consecutive month, according to the latest Manufacturing ISM Report On Business.
The March PMI registered 55.3 percent, an increase of 1.1 percentage points from the February reading of 54.2 percent.
The New Orders Index registered 57.4 percent, an increase of 1.9 percentage points from the February reading of 55.5 percent.
The Production Index registered 55.8 percent, a 1-percentage point increase compared to the February reading of 54.8 percent.
The Employment Index registered 57.5 percent, an increase of 5.2 percentage points from the February reading of 52.3 percent.
The Supplier Deliveries Index registered 54.2 percent, a 0.7 percentage point decrease from the February reading of 54.9 percent.
The Inventories Index registered 51.8 percent, a decrease of 1.6 percentage points from the February reading of 53.4 percent.
The Prices Index registered 54.3 percent, a 4.9-percentage point increase from the February reading of 49.4 percent, indicating a return of increasing raw materials prices after a two-month respite.
Of the 18 manufacturing industries, 16 reported growth in March, in the following order: printing and related support activities; textile mills; food, beverage and tobacco products; petroleum and coal products; computer and electronic products; electrical equipment, appliances and components; furniture and related products; chemical products; plastics and rubber products; wood products; nonmetallic mineral products; transportation equipment; miscellaneous manufacturing; fabricated metal products; primary metals; and machinery.
The two industries reporting contraction in March are: apparel, leather and allied products; and paper products.