The final results of Markit’s U.S. manufacturing PMI survey are out.
The report’s headline index fell to 55.5 in March from February’s 57.1 reading, in line with a preliminary estimate published by Markit a week ago. Market economists, however, expected the index to stage a smaller drop to 56.0.
Table 1 displays changes in the index’s various sub-components.
“The fall in the composite Manufacturing PMI masks the ongoing resilience of output, new orders and employment growth, all of which continued to rise at historically strong rates in March,” said Chris Williamson, chief economist at Markit, in the release.
“That’s because the PMI also includes a measure of supplier delivery times, which dragged the PMI down but only because deliveries were quicker as a result of improved weather. The survey indicates that factory output growth has picked up again after the weather-related disruptions seen at the start of the year, presenting policymakers with an encouraging picture of a healthy goods- producing sector that is generating jobs at the rate of 15-20,000 per month.”