The manufacturing activity in the United States continued to expand in March, although at a slower pace, the S&P Global revealed in its report on Monday. The Manufacturing Purchasing Managers’ Index for the reported month came in at 51.9, above the neutral 50 mark, but below February’s digit of 52.2.
The expansion rate of manufacturing production reached its highest point in 22 months. In addition, the job creation rate quickened as well. Meanwhile, new order growth softened.
“A key development in recent months has been the broadening-out of the upturn from services to manufacturing, with reviving demand for goods driving the fastest increase in factory production since May 2022 … The upturn is, however, being accompanied by some strengthening of pricing power,” Chief Business Economist at S&P Global Market Intelligence Chris Williamson commented.