The Institute for Supply Management (ISM) manufacturing ındex for the United States was released for March 2023, revealing that the manufacturing sector continued to contract. The index dropped by 1.4 points from the previous month to 46.3, the lowest level since May 2020, and below market expectations of 47.5. This marks the fifth consecutive month of contraction in the manufacturing industry, with the February index at 47.7.
The production index rose by 0.5 points to 47.8 in March, while the new orders index fell by 2.7 points to 44.3. The employment index also decreased by 2.2 points to 46.9 during the same period. Six sub-sectors of the manufacturing industry experienced growth, while 12 sectors experienced contraction. The growing sectors include printing and related activities, miscellaneous manufacturing, metal products, petroleum and coal products, primary metals, and machinery.
Additionally, S&P Global revised its Purchasing Managers' Index (PMI) for the manufacturing industry in March from 49.3 to 49.2. The PMI, which also indicated contraction in the manufacturing industry, was at 47.3 in February. A PMI value of 50 or above indicates expansion, while a value below 50 suggests contraction.
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