The Institute for Supply Management (ISM) Purchasing Managers Index indicated expansion in the manufacturing sector for the 10th consecutive month in March. The overall index rose to 53.7 points, up 0.5 points compared with February. New orders increased slightly, and the production index registered a substantial increase of 7.7 points over the previous month. The employment subindex continued to indicate payroll growth during March but fell to its lowest level since June 2013. Supplier delivery times appeared to shorten during the month as the supplier delivery index fell 4.5 points. Fourteen of 18 manufacturing industries reported growth in March. According to the ISM, "the past relationship between the PMI and the overall economy indicates that the average PMI for January through March (52.7 ) corresponds to a 3.1 percent increase in real gross domestic product (GDP) on an annualized basis."
