Domestic, foreign orders push up US manufacturing PMI in March

By Gokhan Ergocun

ISTANBUL (AA) – The US manufacturing Purchasing Managers’ Index (PMI) rose sharply in March thanks to "faster increases in output and new orders, as domestic and foreign client demand ticked higher," said global data company S&P Global on Friday.

The seasonally adjusted S&P Global US Manufacturing PMI was 58.8 in March, up from 57.3 in February, the company said, adding that the recovery of the US manufacturing sector was the sharpest seen since last September.

"Although backlogs of work rose at a sharper pace – largely due to greater new sales – firms noted that fewer supply bottlenecks allowed production to expand at a faster rate," it underlined.

S&P Global's report said costs continued to rise in March and input price inflation quickened.

"Encouraged by stronger demand conditions, firms stepped up their hiring activity, with some also noting a greater ability to find suitable candidates," it noted.

Chris Williamson, chief business economist at S&P Global, said: “US manufacturing growth accelerated in March as strong demand and improving prospects countered the headwinds of soaring cost pressures and the Russia-Ukraine war."

He also stressed that price pressures continued to rise in March, especially with climbing energy costs.