The manufacturing Purchasing Managers' Index, or PMI, rose to 54.3 from 53.4 in February, survey data from IHS Markit showed.
Economists had expected the index to climb to 55.6. A PMI reading above 50 suggests growth in the manufacturing sector. The latest reading was the highest since January 2018. The PMI rose for the fourth consecutive month, marking the longest sequence of gains since 2013. Both input and output prices rose at the fastest pace since the survey began in 1998, IHS Markit said.
The biggest directional impact to the headline index came from suppliers' delivery times in March, which is inverted in the PMI calculation. Suppliers' delivery times lengthened to record degree driven by the fastest rise in backlogs of work since January 2007. Meanwhile, export growth was the strongest since October 2013.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
