Manufacturing grew in March, as the Institute for Supply Management’s Manufacturing PMI registered 64.7%, 3.9% higher than the February reading of 60.8%. This is the highest reading since December 1983 (69.9%).
“Manufacturing performed well for the 10th straight month, with demand, consumption and inputs registering strong growth compared to February. Labor-market difficulties at panelists’ companies and their suppliers persist. End-user lead times (for refilling customers’ inventories) are extending due to very high demand and output restrictions as supply chains continue to recover from COVID-19 impacts,” says Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management Manufacturing Business Survey Committee.