TEMPE, Ariz., April 1 (UPI) -- Fifteen of 18 manufacturing industries reported growth in business activity in March, the Institute of Supply Management said Friday.
March marked the 20th consecutive month of growth in manufacturing, the institute said. In the month, the headline index, the Purchasing Managers Index, held close to steady, notching 0.2 points lower as the PMI fell from 61.4 to 61.2.
Numbers above 50 indicate growth.
The new orders index rose for the 21th consecutive month, although growth slowed with the new orders index falling from 68 to 63.3. Manufacturing production also gained, but at a faster pace, the production index climbing from 66.3 to 69.
The employment index also showed slower growth with the index falling from 64.5 to 63.
The exports index dropped from 62.5 to 56, while imports rose from 55 to 56.5.
Overall, "The recent trend of rapid growth in the manufacturing sector continued in March, as the PMI registered above 60 percent for the third consecutive month," Norbert Ore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee, said in a statement.
Ore cautioned, "There is significant concern with regard to commodity prices," especially for import.
In the business community, "There is concern about the impact of higher prices on their margins," he said.
