The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in March was 49.2, increasing 1.9 points from February. Manufacturers reported a decrease in demand due to high interest rates and inflation but saw a slight rise in output.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading above 50 indicates growth, while below represents a contraction. IHS Markit and S&P Global merged in 2022. See S&P Global