The manufacturing activity in the United States in March recorded an increase from its previous reading in February, the Institute for Supply Management (ISM) stated in a report on Monday. The manufacturing PMI was registered at 50.3% in March, coming in above market expectations.

The figure marked a rise of 2.5 percentage points when compared to the February reading which amounted to 47.8%. The New Orders Index was at 51.4%, 2.2 percentage points higher in comparison to last month’s reading of 49.2%. The Employment Index stood at 47.4, recording a 1.5 percentage point growth from February’s figure which was 45.9%. The Production Index grew 6.2 percentage points and landed at 54.6% in the reported month.

“The US manufacturing sector moved into expansion for the first time since September 2022. Demand was positive, output strengthened and inputs remained accommodative,” ISM Manufacturing Business Survey Committee Chair Timothy Fiore noted. “Production execution surged compared to January and February,” he added.

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