The manufacturing Purchasing Managers' Index (PMI) fell to 48.3 in March from 48.5 in February.
The index signaled a moderate and slightly faster deterioration in operating conditions. Production fell for eleven successive months in March and orders declined due to weak demand from both home and abroad. The survey showed that capacity remained sufficient to deal with workloads.
Backlogs of work declined for the tenth month in a row. Lower purchasing activity meant pressure on vendors was again reduced in March.
Reports of supply-side stability helped to push further down on cost inflation. Input costs grew at the slowest pace since July 2020 and output charges increased at the weakest rate in two-and-a-half years.
Manufacturers retained a sense of optimism about the future in March.
Expectations for output in the next twelve months rose to their highest level since February 2022.
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