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Economic Data (USA)

Monday, April 01, 2013

ISM Manufacturing Index for March 2013

Earlier today, the Institute for Supply Management (ISM) released their Purchasing Manager's Index (PMI) for March 2013:

Predicted: 54.0%
Actual: 51.3%

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the factory sector contracted.

Last month, the PMI was 54.2%.

The following is a sampling of quotes from a diverse pool of U.S. manufacturers:

"...'Beginning to feel the seasonal upswing in business — energy and resin remain a concern.' (Food, Beverage & Tobacco Products)

'Medical reimbursements from insurance companies, particularly Medicare, are slowing.' (Miscellaneous Manufacturing)

'While the second half of 2013 looks promising, the first half is a mixed bag.' (Computer & Electronic Products)

'Things seem slightly better than last year, but still not great.' (Printing & Related Support Activities)

'Automotive is still very strong.' (Fabricated Metal Products)

'Post-election in the U.S. — companies within the oil and gas sector are still waiting for signs of some regulatory certainty or stability.' (Petroleum & Coal Products)

'Reduced government spending in the defense sector lowers business output.' (Transportation Equipment)

'Business is continuing to be brisk.' (Furniture & Related Products)

'Market continues to be strong, and our production is exceeding plans at this time.' (Wood Products)

'Sales are low, even adjusted for seasonal variation.' (Chemical Products)..."

Click here to view the complete ISM report.

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