April 16, 2024

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The first development in years of American industry

The first development in years of American industry

InternationalApr 1 '24 20:16Author of the book: PNR Web Editorial

U.S. manufacturing activity rose in March, contrary to what average economists expected. This is the first time since September 2022. Factories benefited from strong demand last month, although procurement costs rose, according to figures released by market analyst ISM on Monday.

U.S. manufacturing activity rose in March, contrary to what average economists expected. (Unsplash)

The ISM index hit 50.3 in March, with anything above 50 points indicating growth. The index was still at 47.8 points in February, indicating a contraction. Nine industries, including textiles, paper and petroleum industries, recorded growth last month. In contrast, production declined in six industries, including the furniture and plastics and rubber industries.

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“Demand is in the early stages of recovery, with clear signs of improving conditions,” ISM President Timothy Fiore explained in a statement.

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