The March figure is the highest of the past thirteen months, and is well above the 50 threshold, over which the index signals an expansion of the sector.
PMI indicated contractions in the four months preceding February. PMI was over 50, showing an expansion, between July 2010 and July 2011.
Among the sub-indices that comprise the PMI, the new orders index jumped to the fourth highest level since 1995, rising for the second time over the past six months. A similar pattern was last traced in the middle of 2009, when it indicated the end of that crisis, the report noted.
The production volume index rose for the second month in a row after three months of contraction, and was also the fourth highest March measure since 1995.
The employment index has stabilized above 50 now for the third month following three months of contraction.
The delivery time index showed, however, that orders took longer to arrive, showing no change in the trend prevailing now for the 28th month.
The purchased stocks index rose for the second month in a row after steady contraction between November 2011 and January 2012.
Among the indices that Halpim compiles but does not include in the PMI, the purchase volume index continued to rise after increasing in February, which followed four months of contraction. The purchase price index showed prices rose faster. The stock of finished products index showed a continued rise in inventories. The import volume index rose for the second month in a row after four months of decline. The export volume index rose considerably, showing an expansion for the 28th month in a row.
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