TEMPE, Ariz. — April 1, 2024 — Economic activity in the manufacturing sector expanded in March after contracting for 16 consecutive months, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM) Manufacturing Business Survey Committee:
“The Manufacturing PMI® registered 50.3 percent in March, up 2.5 percentage points from the 47.8 percent recorded in February. The overall economy continued in expansion for the 47th month after one month of contraction in April 2020. (A Manufacturing PMI above 42.5 percent, over a period of time, generally indicates an expansion of the overall economy.) The New Orders Index moved back into expansion territory at 51.4 percent, 2.2 percentage points higher than the 49.2 percent recorded in February. The March reading of the Production Index (54.6 percent) is 6.2 percentage points higher than February’s figure of 48.4 percent. The Prices Index registered 55.8 percent, up 3.3 percentage points compared to the reading of 52.5 percent in February. The Backlog of Orders Index registered 46.3 percent, the same reading as in February. The Employment Index registered 47.4 percent, up 1.5 percentage points from February’s figure of 45.9 percent.
“The Supplier Deliveries Index figure of 49.9 percent is 0.2 percentage point lower than the 50.1 percent recorded in February. (Supplier Deliveries is the only ISM Report On Business index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.) The Inventories Index increased 2.9 percentage points to 48.2 percent following a reading of 45.3 percent in February.
“The New Export Orders Index reading of 51.6 percent is the same reading as registered in February. The Imports Index continued in expansion territory, registering 53 percent, the same figure as in February. Both indexes repeated their highest readings since July 2022, when the New Export Orders Index registered 52.6 percent and the Imports Index registered 54.4 percent.”
Fiore continued: “The U.S. manufacturing sector moved into expansion for the first time since September 2022. Demand was positive, output strengthened and inputs remained accommodative. Demand improvement was reflected by the (1) New Orders Index back in expansion and fewer comments regarding ‘softening,’ (2) New Export Orders Index expanding again, supported by panelists’ stronger optimism (3) Backlog of Orders Index remaining in moderate contraction territory, the same as in February and (4) Customers’ Inventories Index contracting for the fourth consecutive month, remaining at a level accommodative for future production. Output (measured by the Production and Employment indexes) surged, with a combined 7.7-percentage point upward impact on the Manufacturing PMI calculation. Panelists’ companies notably increased their production levels month over month. Head-count reductions continued in March, with sizable layoff activity reported. Inputs — defined as supplier deliveries, inventories, prices and imports — continued to accommodate future demand growth and showed signs of stiffening. The Supplier Deliveries Index dropped marginally, moving into ‘faster’ territory, and the Inventories Index improved but remained in slight contraction territory. The Prices Index moved further upward in moderate expansion (or ‘increasing’) territory as commodity driven costs remain unstable.
“Of the six biggest manufacturing industries, four — Food, Beverage & Tobacco Products; Fabricated Metal Products; Chemical Products; and Transportation Equipment, which account for a combined 54 percent of manufacturing gross domestic product (GDP) — registered growth in March.
“Demand remains at the early stages of recovery, with clear signs of improving conditions. Production execution surged compared to January and February, as panelists’ companies reenter expansion. Suppliers continue to have capacity but are showing signs of struggling, due in large part to their raw material supply chains. Thirty percent of manufacturing GDP contracted in March, down from 40 percent in February. More importantly, the share of sector GDP registering a composite PMI calculation at or below 45 percent — a good barometer of overall manufacturing weakness — was 1 percent in March, the same as in February, but categorically healthier than the 27 percent recorded in January. Among the top six industries by contribution to manufacturing GDP in March, none had a PMI at or below 45 percent,” says Fiore.
The nine manufacturing industries reporting growth in March — in order — are: Textile Mills; Nonmetallic Mineral Products; Paper Products; Petroleum & Coal Products; Primary Metals; Food, Beverage & Tobacco Products; Fabricated Metal Products; Chemical Products; and Transportation Equipment. The six industries reporting contraction in March — in the following order — are: Furniture & Related Products; Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Machinery; Computer & Electronic Products; and Miscellaneous Manufacturing.
What Respondents Are Saying
“Performance continues to defy projections of a downturn in activity. Demand remains strong, and the pipeline for orders is robust.” [Chemical Products]
“Expecting to see orders and production pick up for the second quarter. Suppliers are working with us to help drive costs down, which will help improve the margin for the rest of the year and deliver growth in 2025.” [Transportation Equipment]
“Commodity prices continue to hold steady.” [Food, Beverage & Tobacco Products]
“Demand remains soft, but optimism is high that orders are ‘just on the horizon.’ Expectations are for a strong second quarter. Supply chain issues are minimal, with only semiconductors and select electronic parts being an issue.” [Computer & Electronic Products]
“Noticing an increase in suppliers’ selectiveness regarding orders they quote and take. Additionally, there’s been a noticeable increase in manufacturing companies targeted for acquisition by larger entities (established companies, investment firms and the like).” [Machinery]
“Business is still strong — we are meeting and exceeding our forecasts. So far, we’re not hearing anything negative with our customers as far as ongoing business is concerned — it’s the same for raw material suppliers, nothing negative.” [Fabricated Metal Products]
“As an energy-intensive manufacturer, energy pricing continues to be a concern for our business. The move to electrification has increased demand, and supply is not stable because we’re not in an ideal geography for wind and solar power.” [Paper Products]
“The potential aftermaths of the presidential election are beginning to impact conversations and negotiations of long-term agreements/contracts.” [Petroleum & Coal Products]
“Continue to experience a softness in the industrial sector. There is optimism that order activity will increase in the late second quarter, leading to improvement in this segment for the second half of the year. The aerospace and defense market is continuing to ramp up, and demand is outpacing supply in our supply chain.” [Primary Metals]
“Business activity is up. Many manufacturers are anticipating better business in the second quarter and much better in the third quarter. They are reporting that second-quarter bookings are just starting to ramp up.” [Wood Products]
| MANUFACTURING AT A GLANCE March 2024 |
||||||
| Index | Series IndexMar |
Series IndexFeb |
Percentage
Point Change |
Direction | Rate of Change |
Trend*
(Months) |
| Manufacturing PMI® | 50.3 | 47.8 | +2.5 | Growing | From Contracting | 1 |
| New Orders | 51.4 | 49.2 | +2.2 | Growing | From Contracting | 1 |
| Production | 54.6 | 48.4 | +6.2 | Growing | From Contracting | 1 |
| Employment | 47.4 | 45.9 | +1.5 | Contracting | Slower | 6 |
| Supplier Deliveries | 49.9 | 50.1 | -0.2 | Faster | From Slower | 1 |
| Inventories | 48.2 | 45.3 | +2.9 | Contracting | Slower | 14 |
| Customers’ Inventories | 44.0 | 45.8 | -1.8 | Too Low | Faster | 4 |
| Prices | 55.8 | 52.5 | +3.3 | Increasing | Faster | 3 |
| Backlog of Orders | 46.3 | 46.3 | 0.0 | Contracting | Same | 18 |
| New Export Orders | 51.6 | 51.6 | 0.0 | Growing | Same | 2 |
| Imports | 53.0 | 53.0 | 0.0 | Growing | Same | 3 |
| OVERALL ECONOMY | Growing | Faster | 47 | |||
| Manufacturing Sector | Growing | From Contracting | 1 | |||
Manufacturing ISM® Report On Business® data is seasonally adjusted for the New Orders, Production, Employment and Inventories indexes.
*Number of months moving in current direction.
Commodities Reported Up/Down In Price And In Short Supply
Commodities Up in Price
Aluminum* (4); Corrugated Boxes; Corrugated Sheets; Crude Oil; Gasoline; Hydraulic Components Maintenance, Repair, and Operations (MRO) Supplies (2); Ocean Freight (3); Plastic Resins (3); Polyethylene Resins; Polypropylene (6); Solvents; and Steel* (9).
Commodities Down in Price
Aluminum* (10); Copper; Natural Gas (4); Packaging Materials (4); Road Freight; Steel* (2); Steel — Hot Rolled (5); Steel — Scrap; and Steel Products (2).
Commodities in Short Supply
Electrical Components (42); Electrical Equipment (2); Hydraulic Components; Plastic Resins; and Semiconductors.
Note: The number of consecutive months the commodity is listed is indicated after each item.
*Indicates both up and down in price.
March 2024 Manufacturing Index Summaries
Manufacturing PMI®
The U.S. manufacturing sector expanded in March, as the Manufacturing PMI registered 50.3 percent, up 2.5 percentage points compared to February’s reading of 47.8 percent. “This is first instance of expansion in 17 months. Two out of five subindexes that directly factor into the Manufacturing PMI are in expansion territory, up from one in February. The New Orders Index moved into expansion territory after one month of contraction. Of the six biggest manufacturing industries, four (Food, Beverage & Tobacco Products; Fabricated Metal Products; Chemical Products; and Transportation Equipment) registered growth in March,” says Fiore. A reading above 50 percent indicates that the manufacturing sector is generally expanding; below 50 percent indicates that it is generally contracting.
A Manufacturing PMI above 42.5 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the March Manufacturing PMI indicates the overall economy grew for the 47th straight month after one month of contraction (April 2020). “The past relationship between the Manufacturing PMI and the overall economy indicates that the March reading (50.3 percent) corresponds to a change of plus-2.2 percent in real gross domestic product (GDP) on an annualized basis,” says Fiore.
The Last 12 Months
| Month | Manufacturing PMI® |
Month | Manufacturing
PMI® |
| Mar 2024 | 50.3 | Sep 2023 | 48.6 |
| Feb 2024 | 47.8 | Aug 2023 | 47.6 |
| Jan 2024 | 49.1 | Jul 2023 | 46.5 |
| Dec 2023 | 47.1 | Jun 2023 | 46.4 |
| Nov 2023 | 46.6 | May 2023 | 46.6 |
| Oct 2023 | 46.9 | Apr 2023 | 47.0 |
| Average for 12 months – 47.5
High – 50.3 Low – 46.4 |
|||
New Orders
ISM’s New Orders Index expanded for just the third time in 22 months in March, registering 51.4 percent, an increase of 2.2 percentage points compared to February’s reading of 49.2 percent. The New Orders Index hasn’t indicated consistent growth since a 24-month streak of expansion ended in May 2022. “Of the six largest manufacturing sectors, four (Computer & Electronic Products; Fabricated Metal Products; Food, Beverage & Tobacco Products; and Chemical Products) reported increased new orders. Panelists’ comments reflected continuing improvement in demand, a trend that began in December 2023,” says Fiore. A New Orders Index above 52.3 percent, over time, is generally consistent with an increase in the Census Bureau’s series on manufacturing orders (in constant 2000 dollars).
The 12 manufacturing industries that reported growth in new orders in March — in the following order — are: Nonmetallic Mineral Products; Paper Products; Primary Metals; Printing & Related Support Activities; Wood Products; Petroleum & Coal Products; Plastics & Rubber Products; Computer & Electronic Products; Fabricated Metal Products; Food, Beverage & Tobacco Products; Chemical Products; and Miscellaneous Manufacturing. The two industries reporting a decline in new orders in March are: Furniture & Related Products; and Transportation Equipment.
| New Orders | %Higher | %Same | %Lower | Net | Index |
| Mar 2024 | 26.1 | 57.7 | 16.2 | +9.9 | 51.4 |
| Feb 2024 | 24.4 | 58.2 | 17.4 | +7.0 | 49.2 |
| Jan 2024 | 20.2 | 56.3 | 23.5 | -3.3 | 52.5 |
| Dec 2023 | 15.5 | 57.5 | 27.0 | -11.5 | 47.0 |
Production
The Production Index surged back into expansion territory in March, registering 54.6 percent, 6.2 percentage points higher than the February reading of 48.4 percent. The Production Index had been in contraction for 11 of the previous 15 months. Of the six largest manufacturing sectors, five (Chemical Products; Fabricated Metal Products; Food, Beverage & Tobacco Products; Transportation Equipment; and Computer & Electronic Products) reported increased production. “Panelists’ companies improved output levels compared to February. The index posted its highest reading since June 2022, when it registered 54.7 percent,” says Fiore. An index above 52.2 percent, over time, is generally consistent with an increase in the Federal Reserve Board’s Industrial Production figures.
The 13 industries reporting growth in production during the month of March, in order, are: Paper Products; Printing & Related Support Activities; Nonmetallic Mineral Products; Petroleum & Coal Products; Chemical Products; Fabricated Metal Products; Food, Beverage & Tobacco Products; Transportation Equipment; Computer & Electronic Products; Miscellaneous Manufacturing; Primary Metals; Plastics & Rubber Products; and Electrical Equipment, Appliances & Components. The two industries reporting a decrease in production in March are: Furniture & Related Products; and Machinery.
| Production | %Higher | %Same | %Lower | Net | Index |
| Mar 2024 | 25.3 | 61.7 | 13.0 | +12.3 | 54.6 |
| Feb 2024 | 18.0 | 64.8 | 17.2 | +0.8 | 48.4 |
| Jan 2024 | 18.4 | 57.8 | 23.8 | -5.4 | 50.4 |
| Dec 2023 | 15.5 | 61.5 | 23.0 | -7.5 | 49.9 |
Employment
ISM’s Employment Index registered 47.4 percent in March, 1.5 percentage points higher than the February reading of 45.9 percent. “The index indicated employment contracted for the sixth month in a row (but at a slower rate in March) after one month of expansion and three months of contraction before that. Of the six big manufacturing sectors, three (Transportation Equipment; Machinery; and Food, Beverage & Tobacco Products) expanded employment in March. Many Business Survey Committee respondents’ companies are continuing to reduce head counts through layoffs (which account for 76 percent of reduction activity, up from 50 percent in February), attrition and hiring freezes. Panelists’ comments in March were again equally split between companies adding and reducing head counts. This approximately 1-to-1 ratio has been consistent since October 2023,” says Fiore. An Employment Index above 50.3 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) data on manufacturing employment.
Of 18 manufacturing industries, seven reported employment growth in March in the following order: Textile Mills; Petroleum & Coal Products; Miscellaneous Manufacturing; Primary Metals; Transportation Equipment; Machinery; and Food, Beverage & Tobacco Products. The eight industries reporting a decrease in employment in March, in the following order, are: Plastics & Rubber Products; Furniture & Related Products; Printing & Related Support Activities; Paper Products; Chemical Products; Electrical Equipment, Appliances & Components; Fabricated Metal Products; and Computer & Electronic Products.
| Employment | %Higher | %Same | %Lower | Net | Index |
| Mar 2024 | 14.1 | 67.8 | 18.1 | -4.0 | 47.4 |
| Feb 2024 | 10.9 | 70.5 | 18.6 | -7.7 | 45.9 |
| Jan 2024 | 11.0 | 70.6 | 18.4 | -7.4 | 47.1 |
| Dec 2023 | 11.7 | 70.3 | 18.0 | -6.3 | 47.5 |
Supplier Deliveries†
Delivery performance of suppliers to manufacturing organizations was marginally faster in March after one month of slowing preceded by 16 straight months in “faster” territory. The Supplier Deliveries Index, which registered 49.9 percent, was 0.2 percentage point lower than the 50.1 percent reported in February. After a reading of 52.4 percent in September 2022, the index went into contraction territory in October and had been there until January. “Panelists’ comments continue to indicate that supplier performance is improving; delivery promises are more stable as inputs transition to a more demand-driven environment. For the third month, supplier responsiveness appears to be ‘stiffer,’ meaning some suppliers are struggling to keep up,” says Fiore. A reading below 50 percent indicates faster deliveries, while a reading above 50 percent indicates slower deliveries.
The four manufacturing industries reporting slower supplier deliveries in March are: Textile Mills; Food, Beverage & Tobacco Products; Chemical Products; and Transportation Equipment. The five industries reporting faster supplier deliveries in March are: Electrical Equipment, Appliances & Components; Machinery; Miscellaneous Manufacturing; Computer & Electronic Products; and Primary Metals. Nine industries reported no change in delivery performance in March compared to February.
| Supplier Deliveries | %Slower | %Same | %Faster | Net | Index |
| Mar 2024 | 9.0 | 81.7 | 9.3 | -0.3 | 49.9 |
| Feb 2024 | 8.9 | 82.4 | 8.7 | +0.2 | 50.1 |
| Jan 2024 | 9.7 | 78.7 | 11.6 | -1.9 | 49.1 |
| Dec 2023 | 5.2 | 83.5 | 11.3 | -6.1 | 47.0 |
Inventories
The Inventories Index registered 48.2 percent in March, 2.9 percentage points higher than the 45.3 percent reported in February. “Manufacturing inventories contracted at a slower rate compared to the previous month. Of the six big industries, three (Fabricated Metal Products; Chemical Products; and Food, Beverage & Tobacco Products) increased manufacturing inventories in March. Panelists’ companies continue to indicate a willingness to invest in manufacturing inventory to improve on-time deliveries, gain precision in revenue projections and improve customer service,” says Fiore. An Inventories Index greater than 44.4 percent, over time, is generally consistent with expansion in the Bureau of Economic Analysis (BEA) figures on overall manufacturing inventories (in chained 2000 dollars).
Of 18 manufacturing industries, nine reported higher inventories in March, in the following order: Textile Mills; Nonmetallic Mineral Products; Paper Products; Petroleum & Coal Products; Fabricated Metal Products; Primary Metals; Electrical Equipment, Appliances & Components; Chemical Products; and Food, Beverage & Tobacco Products. The eight industries reporting lower inventories in March — in the following order — are: Wood Products; Printing & Related Support Activities; Furniture & Related Products; Plastics & Rubber Products; Computer & Electronic Products; Miscellaneous Manufacturing; Transportation Equipment; and Machinery.
| Inventories | %Higher | %Same | %Lower | Net | Index |
| Mar 2024 | 16.0 | 66.2 | 17.8 | -1.8 | 48.2 |
| Feb 2024 | 12.7 | 70.4 | 16.9 | -4.2 | 45.3 |
| Jan 2024 | 14.0 | 63.8 | 22.2 | -8.2 | 46.2 |
| Dec 2023 | 11.1 | 62.8 | 26.1 | -15.0 | 43.9 |
Customers’ Inventories†
ISM’s Customers’ Inventories Index registered 44 percent in March, down 1.8 percentage points compared to the 45.8 percent reported in February. “Customers’ inventory levels decreased at a faster rate in March, with the index retreating a bit more into ‘too low’ territory. Panelists report their companies’ customers continue to have a shortage of their products in inventory, which is considered positive for future new orders and production,” says Fiore.
The two industries reporting customers’ inventories as too high in March are: Apparel, Leather & Allied Products; and Electrical Equipment, Appliances & Components. The nine industries reporting customers’ inventories as too low in March, in order, are: Primary Metals; Wood Products; Paper Products; Chemical Products; Machinery; Food, Beverage & Tobacco Products; Transportation Equipment; Miscellaneous Manufacturing; and Computer & Electronic Products. Seven industries reported no change in customers’ inventories in March compared to February.
| Customers’ Inventories |
% Reporting |
%Too High |
%About Right |
%Too Low |
Net | Index |
| Mar 2024 | 75 | 8.9 | 70.2 | 20.9 | -12.0 | 44.0 |
| Feb 2024 | 77 | 10.9 | 69.7 | 19.4 | -8.5 | 45.8 |
| Jan 2024 | 75 | 10.2 | 66.9 | 22.9 | -12.7 | 43.7 |
| Dec 2023 | 79 | 13.5 | 69.2 | 17.3 | -3.8 | 48.1 |
Prices†
The ISM Prices Index registered 55.8 percent, 3.3 percentage points higher compared to the February reading of 52.5 percent, indicating raw materials prices increased in March for the third month in a row after eight consecutive months of decreases. Of the six largest manufacturing industries, four — Chemical Products; Food, Beverage & Tobacco Products; Computer & Electronic Products; and Machinery — reported price increases in March. “The Prices Index indicated moderate expansion in March, recording its highest level since July 2022 (60 percent). Commodity prices continue to be volatile, especially crude oil, aluminum and plastics. Twenty-four percent of companies reported higher prices, compared to 18 percent in February,” says Fiore. A Prices Index above 52.8 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) Producer Price Index for Intermediate Materials.
In March, the 11 industries that reported paying increased prices for raw materials, in order, are: Apparel, Leather & Allied Products; Printing & Related Support Activities; Textile Mills; Plastics & Rubber Products; Chemical Products; Miscellaneous Manufacturing; Nonmetallic Mineral Products; Petroleum & Coal Products; Food, Beverage & Tobacco Products; Computer & Electronic Products; and Machinery. The four industries reporting paying decreased prices for raw materials in March are: Furniture & Related Products; Primary Metals; Transportation Equipment; and Fabricated Metal Products.
| Prices | %Higher | %Same | %Lower | Net | Index |
| Mar 2024 | 23.6 | 64.4 | 12.0 | +11.6 | 55.8 |
| Feb 2024 | 18.3 | 68.3 | 13.4 | +4.9 | 52.5 |
| Jan 2024 | 19.5 | 66.7 | 13.8 | +5.7 | 52.9 |
| Dec 2023 | 14.2 | 61.9 | 23.9 | -9.7 | 45.2 |
Backlog of Orders†
ISM’s Backlog of Orders Index registered 46.3 percent, the same figure as in February, indicating order backlogs contracted for the 18th consecutive month after a 27-month period of expansion. Of the six largest manufacturing industries, the only one reporting expanded order backlogs in March was Computer & Electronic Products, which was due in part to generally long lead times. “The index remained in contraction in March, as production rates and new order levels continue to not be conducive to expansion in backlogs,” says Fiore.
Of 18 manufacturing industries, the three that reported growth in order backlogs in March are: Wood Products; Primary Metals; and Computer & Electronic Products. The 12 industries reporting lower backlogs in March — in the following order — are: Furniture & Related Products; Petroleum & Coal Products; Machinery; Paper Products; Nonmetallic Mineral Products; Electrical Equipment, Appliances & Components; Fabricated Metal Products; Transportation Equipment; Miscellaneous Manufacturing; Plastics & Rubber Products; Chemical Products; and Food, Beverage & Tobacco Products.
| Backlog of Orders |
% Reporting |
%Higher |
%Same |
%Lower |
Net |
Index |
| Mar 2024 | 92 | 14.8 | 62.9 | 22.3 | -7.5 | 46.3 |
| Feb 2024 | 93 | 14.9 | 62.8 | 22.3 | -7.4 | 46.3 |
| Jan 2024 | 91 | 17.5 | 54.4 | 28.1 | -10.6 | 44.7 |
| Dec 2023 | 89 | 16.7 | 57.1 | 26.2 | -9.5 | 45.3 |
New Export Orders†
ISM’s New Export Orders Index registered 51.6 percent in March, matching February’s reading and repeating the index’s highest figure since July 2022 (52.6 percent). “The New Export Orders Index reading indicates that export orders expanded in March for a second straight month after eight consecutive months of contraction. Panelists’ comments supported the continued improvement in demand from overseas customers,” says Fiore.
The eight industries reporting growth in new export orders in March — in the following order — are: Wood Products; Miscellaneous Manufacturing; Plastics & Rubber Products; Transportation Equipment; Fabricated Metal Products; Chemical Products; Food, Beverage & Tobacco Products; and Machinery. The four industries reporting a decrease in new export orders in March are: Paper Products; Furniture & Related Products; Electrical Equipment, Appliances & Components; and Computer & Electronic Products.
| New Export
Orders |
% Reporting |
%Higher |
%Same |
%Lower |
Net |
Index |
| Mar 2024 | 76 | 12.2 | 78.8 | 9.0 | +3.2 | 51.6 |
| Feb 2024 | 71 | 12.0 | 79.2 | 8.8 | +3.2 | 51.6 |
| Jan 2024 | 73 | 8.4 | 73.5 | 18.1 | -9.7 | 45.2 |
| Dec 2023 | 73 | 10.2 | 79.4 | 10.4 | -0.2 | 49.9 |
Imports†
ISM’s Imports Index registered 53 percent in March, the same figure as in February, which keeps it at its highest level since a reading of 54.4 percent in July 2022. “Imports grew for the third consecutive month in March after contracting for 14 consecutive months. The month-over-month increases in import activity have been due to Lunar New Year pre-shipments and companies’ desire to increase on-hand inventories. Ocean freight costs continue to rise as a result of trans-Suez disruptions,” says Fiore.
The seven industries reporting an increase in import volumes in March — listed in the following order — are: Paper Products; Fabricated Metal Products; Food, Beverage & Tobacco Products; Chemical Products; Computer & Electronic Products; Transportation Equipment; and Machinery. The two industries that reported lower volumes of imports in March are: Furniture & Related Products; and Electrical Equipment, Appliances & Components. Nine industries reported no change in imports in March compared to February.
| Imports | % Reporting | %Higher | %Same | %Lower | Net | Index |
| Mar 2024 | 84 | 12.5 | 80.9 | 6.6 | +5.9 | 53.0 |
| Feb 2024 | 83 | 14.0 | 77.9 | 8.1 | +5.9 | 53.0 |
| Jan 2024 | 83 | 11.9 | 76.3 | 11.8 | +0.1 | 50.1 |
| Dec 2023 | 82 | 7.3 | 78.1 | 14.6 | -7.3 | 46.4 |
†The Supplier Deliveries, Customers’ Inventories, Prices, Backlog of Orders, New Export Orders, and Imports indexes do not meet the accepted criteria for seasonal adjustments.
Buying Policy
The average commitment lead time for Capital Expenditures in March was 176 days, a decrease of one day compared to February. Average lead time in March for Production Materials was 78 days, a decrease of two days. Average lead time for Maintenance, Repair and Operating (MRO) Supplies was 44 days, an increase of one day compared to February.
| Percent Reporting | ||||||||
| Capital Expenditures |
Hand-to- Mouth |
30 Days | 60 Days | 90 Days | 6 Months | 1 Year+ | Average
Days |
|
| Mar 2024 | 14 | 5 | 9 | 13 | 31 | 28 | 176 | |
| Feb 2024 | 14 | 5 | 7 | 14 | 32 | 28 | 177 | |
| Jan 2024 | 16 | 5 | 9 | 13 | 29 | 28 | 172 | |
| Dec 2023 | 15 | 4 | 8 | 16 | 29 | 28 | 174 | |
| Percent Reporting | ||||||||
| Production
Materials |
Hand-to- Mouth |
30 Days | 60 Days | 90 Days | 6 Months | 1 Year+ | Average Days |
|
| Mar 2024 | 8 | 22 | 31 | 28 | 7 | 4 | 78 | |
| Feb 2024 | 9 | 25 | 26 | 25 | 11 | 4 | 80 | |
| Jan 2024 | 8 | 23 | 30 | 24 | 10 | 5 | 83 | |
| Dec 2023 | 6 | 27 | 28 | 25 | 9 | 5 | 82 | |
| Percent Reporting | |||||||
| MRO Supplies | Hand-to- Mouth |
30 Days | 60 Days | 90 Days | 6 Months | 1 Year+ | Average Days |
| Mar 2024 | 25 | 40 | 18 | 12 | 5 | 0 | 44 |
| Feb 2024 | 29 | 36 | 19 | 11 | 5 | 0 | 43 |
| Jan 2024 | 29 | 37 | 16 | 13 | 5 | 0 | 43 |
| Dec 2023 | 29 | 36 | 18 | 11 | 5 | 1 | 46 |
Posted: April 1, 2024
Source: Institute for Supply Management®(ISM®)
