U.S. manufacturing surges most since 1983, underscoring rebound

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U.S. manufacturing expanded in March at the fastest pace since 1983, catapulted by the firmest orders and production readings in 17 years. The data add to evidence of an economy poised to accelerate.

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On a call with reporters, Fiore said that while manufacturers previously anticipated the supply-chain challenges would be resolved in several months, “there’s a feeling now that we’ll go into the summer or into late summer. That struggle will continue as demand continues to grow, which is positive.” At a reading of 85.6 in March, the group’s index of prices paid for inputs was little changed from February’s 86 reading, which was the highest since July 2008.Growing order backlogs, increased production and faster orders growth have encouraged manufacturers to beef up headcounts. The ISM’s measure of factory employment improved to a more than three-year high of 59.6 in March from 54.4 a month earlier.

 

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