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U.S. March ISM Manufacturing Index exceeds expectations, with the Price Index surging
The Institute for Supply Management (ISM) said on Wednesday that U.S. factory activity expanded in March, driven by growth in production, but the inflationary effects from the Iran war were very evident.
The ISM manufacturing index, which measures how companies report expansion, came in at 52.7 for the month, up 0.3 percentage points from February, slightly above the Dow Jones estimate of 52.4.
In the subindices, the production index rose by 1.6 points to 55.1, and the supplier deliveries index rose by 3.8 points to 58.9.
However, the prices index surged to 78.3, up 7.8 points. The employment index changed little, at 48.7.
In the ISM survey, readings above 50 indicate growth.
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By Zhang Jun SF065