PMI shows manufacturing continues to expand, but rate of growth is slowing.
“The report was issued today by Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management™ Manufacturing Business Survey Committee. “The PMI™ registered 51.3 percent, a decrease of 2.9 percentage points from February’s reading of 54.2 percent, indicating expansion in manufacturing for the fourth consecutive month, but at a slower rate. Both the New Orders and Production Indexes reflected growth in March compared to February, albeit at slower rates, registering 51.4 and 52.2 percent, respectively. The Employment Index registered 54.2, an increase of 1.6 percentage points compared to February’s reading of 52.6 percent.” ISM
According to the report, Fabricated Metals, the industry classification which includes precision machining, was one of the top 4 market sectors reporting growth in March.
Comments from respondents highlighted in the ISM release indicated that reduced government spending and uncertainty about federal regulations were among the reasons for the March slowdown.