Manufacturing index gains in month

TEMPE, Ariz., April 1 (UPI) -- The Institute for Supply Management said manufacturing declines slowed in March with gains made in employment and new orders.

The Purchasing Managers Index rose from 35.8 to 36.3, which indicated contraction -- shown in numbers below 50 -- had slowed marginally compared to February.

New orders, a component index, improved sharply from 33.1 to 41.2. Employment gained as the index rose two percentage points from 26.1 to 28.1.

"The rapid decline in manufacturing appears to have moderated somewhat, as the PMI remains in the mid-30s for a third consecutive month," said Norbert Ore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee.

"While the PMI is slightly higher in March, the New Orders Index offers greater encouragement, as it rose above the 40 percent mark for the first time in seven months," he said.

In spite of the improvement, none of the 18 manufacturing sectors tracked in the monthly survey showed growth in March, the report said.