With the employment index slipping slightly to from 56 to 55 and remaining below the overall index that should signal bullish corporate profits in Q1 and likly Q2.
- The report was issued today by Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management™ Manufacturing Business Survey Committee. "The manufacturing sector grew for the eighth consecutive month during March. The rate of growth as indicated by the PMI is the fastest since July 2004. Both new orders and production rose above 60 percent this month, closing the first quarter with significant momentum going forward. Although the Employment Index decreased 1 percentage point to 55.1 percent from February's reading of 56.1 percent, signs for employment in the sector continue to improve as the index registered a 10 percent month-over-month improvement, indicating that manufacturers are continuing to fill vacancies. The Inventories Index provided a surprise as it indicated growth for the first time following 46 months of liquidation — perhaps signaling manufacturers' willingness to increase inventories based on expected levels of activity."
|MANUFACTURING AT A GLANCE |
|Customers' Inventories||39.0||37.0||+2.0||Too Low||Slower||12|
|Backlog of Orders||58.0||61.0||-3.0||Growing||Slower||3|