Updated: 01-Apr-24 10:33 ET

March ISM Manufacturing Index

Updated: 01-Apr-24 10:33 ET

Highlights

• The March ISM Manufacturing Index checked in at 50.3% (Briefing.com consensus 48.5%), up from 47.8% in February. That is the first reading above 50.0% since September 2022, which equates to a manufacturing sector operating in an expansion mode.

Key Factors

• The New Orders Index rose to 51.4% from 49.2%.
• The Prices Index jumped to 55.8% from 52.5%.
• The Employment Index increased to 47.4% from 45.9%.
• The Backlog of Orders Index held steady at 46.3%.
• The Supplier Deliveries Index slipped to 49.9% from 50.1%.
• The Production Index jumped to 54.6% from 48.4%.
• The New Export Orders Index held steady at 51.6%.

Big Picture

• The key takeaway from the report is that it contained all the reasons why the Fed believes it can be patient before cutting rates: business activity is expanding, prices are sticking at higher levels, and employment conditions remain reasonably good.

Category	MAR	FEB	JAN	DEC	NOV
Total Index	50.3	47.8	49.1	47.1	46.6
Orders	51.4	49.2	52.5	47.0	47.8
Production	54.6	48.4	50.4	49.9	48.8
Employment	47.4	45.9	47.1	47.5	46.1
Deliveries	49.9	50.1	49.1	47.0	46.2
Inventories	48.2	45.3	46.2	43.9	44.3
Export Orders	51.6	51.6	45.2	49.9	46.0
Prices paid (not seas adj)	55.8	52.5	52.9	45.2	49.9