U.S. manufacturing expanded in March at the fastest pace since 1983, catapulted by the firmest orders and production readings in 17 years. The data add to evidence of an economy poised to accelerate.
US manufacturing surges most since 1983, underscoring rebound msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
U.S. Manufacturing Index Jumps To 37-Year High In March
WASHINGTON (dpa-AFX) - A report released by the Institute for Supply Management on Thursday showed the pace of growth in U.S. manufacturing activity accelerated by much more than anticipated in the month of March.
The ISM said its Manufacturing PMI jumped to 64.7 in March from 60.8 in February, with a reading above 50 indicating growth in manufacturing activity. Economists had expected the index to inch up to 61.3.
With the much bigger than expected increase, the Manufacturing PMI reached its highest level since hitting 69.9 in December of 1983.
Despite the strong growth, Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee, noted companies and suppliers continue to struggle to meet increasing rates of demand due to the coronavirus pandemic limiting the availability of parts and materials.
Provided by Dow Jones By Xavier Fontdegloria Manufacturing activity in the U.S. expanded at the quickest pace in almost 40 years amid robust demand but also heightened input shortages and supply delays, data from a survey compiled by the Institute for Supply Management showed Thursday. The ISM Manufacturing Report on Business PMI was 64.7 in March, up from 60.8 in February. The reading, which is the highest since December 1983, beats expectations from economists polled by The Wall Street Journal, who predicted the index to come in at 61.7. The PMI indicates that factory activity across the U.S. is expanding strongly, with all five subindexes that form the headline index in growth territory and at higher levels compared with February.
Calculated Risk: ISM® Manufacturing index Increased to 64 7% in March calculatedriskblog.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from calculatedriskblog.com Daily Mail and Mail on Sunday newspapers.