“The PMI registered 53.4 percent, an increase of 1 percentage point from February’s reading of 52.4 percent, indicating expansion in the manufacturing sector for the 32nd consecutive month. The Production Index increased 3 percentage points from February’s reading of 55.3 percent to 58.3 percent, and the Employment Index increased 2.9 percentage points to 56.1 percent. Of the 18 industries included in the survey, 15 are experiencing overall growth.”
Primary Metals and Fabricated Metals are two of the industries showing continued growth.
Steel, Aluminum, Copper, Oil and Fuel were all reported to be up in price; Steel was also reported lower in price in certain markets.
PMPA’s February Business Trends Report showed respondents sales to be up 11% over same month last year. Average length of first shift for february was 43.7 hours- 62 % of shops reporting were scheduling more than 40 hour shifts.
The PMPA Business Trends Report confirms the ISM findings regarding the continuing growth / expansion of manufacturing. Like the ISM Manufacturing PMI Report, and our Fabricated Metal market sector, the precision machining industry is maintaining a growing sales base, positive trends, and increased employment.
That’s how we see it.
How does it look where you are?