Financial forecasters sometimes share differing views. While the ISM Manufacturing Index optimistically reported a long-term manufacturing increase in March, Bloomberg looked to Federal Reserve data with a slightly different conclusion.
The ISM Manufacturing Index reported new orders index increased 1.9% to 57.4% in March. Meanwhile, the production index increased from 1% to hit 55.8%. Anything over 50% is considered “expansion.”
On the other hand, Bloomberg reports manufacturing remaining steady in March after falling slightly in February.
U.S. factory production stalled in March as motor-vehicle output declined, adding to signs of headwinds for manufacturing and economic growth around the world.
Manufacturing output was unchanged from February after falling a revised 0.3%, Federal Reserve data showed Tuesday. That compared with the median estimate for a 0.1% increase in Bloomberg’s survey of economists. Total industrial production, which also includes mines and utilities, fell 0.1%, also trailing forecasts for a gain and following a 0.1% advance.
Machinery production rose 0.5%, while output of consumer goods fell 0.2%, and business-equipment production rose 0.4%, Bloomberg reported.
More on Bloomberg’s review HERE. More on the ISM Manufacturing Index’s HERE.