Manufacturing Finally Grows After 16 Straight Months of Decline
The industry sees first upward trend since Oct. 2022, according to ISM's latest Manufacturing Report on Business
A 16-month stretch of manufacturing contraction, going back to October 2022, came to a welcomed end in March, according to the new edition of the Manufacturing Report on Business, which was issued today by the Institute for Supply Management (ISM).
The report’s benchmark metric, the PMI, came in at 50.3 (a reading of 50 or higher indicates growth), topping March’s 47.8, and contracting after 16 months of declines. ISM added that the overall economy grew, at a faster rate, in March, for the 47th consecutive month. The previous 16 months of contraction through February were preceded by a stretch of 28 consecutive months of growth.
The March PMI represents the highest reading over the last 12 months and is 2.8% above the 12-month average of 47.5, with June 2023 marking the lowest reading over that period, at 46.4.
ISM reported that nine manufacturing sectors saw growth in March, including Textile Mills; Nonmetallic Mineral Products; Paper Products; Petroleum & Coal Products; Primary Metals; Food, Beverage & Tobacco Products; Fabricated Metal Products; Chemical Products; and Transportation Equipment. Sectors posting declines included: Furniture & Related Products; Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Machinery; Computer & Electronic Products; and Miscellaneous Manufacturing.
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