Purchasing Managers' Index Declined 1.5 Points to 57.1% in March

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Purchasing Managers' Index Declined 1.5 Points to 57.1% in March

Tempe, AZ, April 1, 2022-The March Manufacturing Purchasing Managers’ Index (PMI) registered 57.1%, a decrease of 1.5 percentage points from the February reading of 58.6%, say the nation's supply executives in the latest Manufacturing ISM Report on Business. 

This figure indicates expansion in the overall economy for the 22nd month in a row after a contraction in April and May 2020. This is the lowest reading since September 2020 (55.4%). 

The New Orders Index registered 53.8%, down 7.9 percentage points compared to the February reading of 61.7%. 

The Production Index reading of 54.5% is a four-percentage point decrease compared to February’s figure of 58.5%. 

The Prices Index registered 87.1%, up 11.5 percentage points compared to the February figure of 75.6%. 

The Backlog of Orders Index registered 60%, 5 percentage points lower than the February reading of 65%. 

The Employment Index figure of 56.3% is 3.4 percentage points higher than the 52.9% recorded in February. 

The Supplier Deliveries Index registered 65.4%, a decrease of 0.7 percentage point compared to the February figure of 66.1%. 

The Inventories Index registered 55.5%, 1.9 percentage points higher than the February reading of 53.6%. 

The New Export Orders Index reading of 53.2% is down 3.9 percentage points compared to February’s figure of 57.1%. 

The Imports Index registered 51.8%, a 3.6-percentage point decrease from the February reading of 55.4%.

Fifteen manufacturing industries reported growth in March, in the following order, apparel, leather & allied products; furniture & related products; food, beverage & tobacco products; electrical equipment, appliances & components; miscellaneous manufacturing; machinery; textile mills; transportation equipment; fabricated metal products; paper products; chemical products; computer & electronic products; nonmetallic mineral products; primary metals; and plastics & rubber products. The two industries reporting a decrease in March compared to February are wood products and petroleum & coal products.