U.S. manufacturing expanded in March after a decline in February, according to the Institute for Supply Management.
ISM's monthly index registered 55.3 percent in March, an increase of 1.1 percentage points from the February reading of 54.2 percent.
“This indicates growth in manufacturing for the 31st consecutive month. The PMI reversed a February expansion decline primarily through improved growth in employment and, to a lesser extent, new orders,” said Timothy R. Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee.
A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.