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TEMPE, Ariz. — U.S. manufacturing output contracted in March after two months of growth, which were preceded by 26 straight months of contraction.
The Institute for Supply Management, which polls manufacturers, issued a monthly index of 49% for March, down 1.3 points from February. Any number below 50 indicates contraction.
“In March, U.S. manufacturing activity slipped into contraction after expanding only marginally in February,” said Timothy R. Fiore, ISM chairman. “Demand and output weakened, while input strengthened further, a negative for economic growth.
“Indications that demand weakened include: new orders falling further into contraction territory, new export orders dropping into contraction, order backlogs contracting at a faster rate and customers inventories’ remaining in ‘too low’ territory,” he said. “Factory output contracted in March, indicating that panelists’ companies are revising production plans downward in the face of economic headwinds.
“Employment moved deeper into contraction, as panelists’ companies continued to release workers. Companies continued to cite ‘attriting down’ as the best process, as opposed to layoffs,” he continued.
Of the 18 manufacturing industries recognized by ISM, nine reported growth from February, with seven declining and two reporting no change. Furniture was one to report a decline. This follows declines in February and January but growth last December.
Furniture reported a decline in new orders from last month, when it also saw a drop. It also reported a decline in production output.
Of the 18 industries, just one saw employment growth. Seven reported a decline, while 10 reported no change (furniture was one to see no change).
Furniture reported slower supplier delivery speeds from February, when it reported faster speeds from January. It reported growth in inventory levels (like last month), and it also reported that its customers’ inventories were too high.
Fifteen industries reported paying more for raw materials, with furniture among them.
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