Manufacturing Growth Falls to 18-Month Low in March

Source: Institute for Supply Management

Manufacturing growth slipped to an 18-month low in March, as demand weakened from the previous month. QQQ is down 0.29%.

• The March Manufacturing PMI stood at 57.1%, 1.5 percentage points lower than the 58.6% in February. This is the lowest since September 2020’s 55.4%.
• The New Orders Index fell by 7.9 percentage points to 53.8%, while new export orders fell 3.9 percentage points to 53.2%. Production fell 4 percentage points to 54.5.
• The Prices Index climbed by 11.5 percentage points to 87.1% from 75.6% in February, while order backlogs fell by 5 percentage points to 60%.
• The Supplier Deliveries Index declined by 0.7 percentage points to 65.4%, while the Inventories Index jumped 1.9 percentage points to 55.5%.
• ISM Chair Timothy Fiore said the latest figures indicate that the US manufacturing sector remained in a demand-driven and supply chain-constrained environment.