The US manufacturing sector grew for an eighth consecutive month in March, surprising many analysts.
The US Institute for Supply Management’s purchasing managers index (PMI) rose to 59.6% in March from 56.5% in February, (readings above 50.0 indicate a rise in activity.
The rate of growth as indicated by the PMI is the fastest since July 2004. The PMI reveals both new orders and production rose above 60% this month, closing the first quarter with significant momentum going forward.
While the Employment Index decreased 1 percentage point to 55.1% from February’s reading of 56.1% signs for employment in the sector continue to improve as the index registered a 10% month-over-month improvement, indicating that manufacturers are continuing to fill vacancies.