U.S. manufacturing activity expands for first time since 2022

U.S. manufacturing activity unexpectedly expanded in March for the first time since September 2022, as production rebounded sharply, demand strengthened, and input costs climbed. Data released on Monday showed that the U.S. ISM manufacturing PMI rose by 2.5 to 50.3 in March. Although it was just above the 50 threshold, the index ended its 16th consecutive month of contraction. The March index beat all expectations in a survey of economists by the agency. Procurement and supply management executives in the United States have recently expressed optimism. on the future of manufacturing. The stabilizing order growth reflects resilience in consumer demand and business investment and suggests companies are making progress in keeping inventory levels in line with sales.