Saturday, July 13, 2024
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Manufacturing Contracts for Fifth Month in a Row: March ISM Report

Manufacturing economic activity in the U.S. contracted for the fifth consecutive month in March. This news comes from the most recent ISM Manufacturing Report. The manufacturing PMI was 46.3%, 1.4 percentage points lower than February’s 47.7%

The food, beverage, and tobacco industry was one of 12 industries that reported contraction. The F&B industry also reported a decline in new orders, a decrease in employment, and a decrease in new export orders. On the other hand, they reported a growth in production, faster supplier deliveries, and paying lower prices for raw materials.

According to one industry respondent, “Business is doing generally well, with input costs falling in some areas and rising in others.”

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