The US manufacturing sector is in its strongest position since 2022, two reports out Monday showed.The Institute for Supply Management’s manufacturing PMI indicated the manufacturing sector moved into expansion for the first time since September 2022 in March while a measure from S&P Global showed production hit a 22-month high last month as the US economy continues to impress.The ISM’s manufacturing PMI registered a reading of 50.3 in March, up from February’s reading of 47.8 and higher than the 48.3 economists expected, according to Bloomberg data.
The March reading marks the highest for the index since September 2022 and the first time manufacturing activity has expanded since October 2022. Readings above 50 for this index indicate an expansion in activity while readings below 50 indicate contraction.”Demand was positive, output strengthened and inputs remained accommodative,” Timothy Fiore, chair of the ISM’s manufacturing business survey committee, said in the company’s release.The ISM’s report also showed an uptick in new orders and production after these sub-indexes slipped into contraction last month.
