The ISM Manufacturing Index remains in contraction territory, with the March 2008 reading totaling 48.6, the Institute of Supply Management announced Tuesday.
Economists surveyed by Bloomberg News had expected the index to fall to 48.0 in March 2008. The ISM Manufacturing Index was 48.3 in February 2008.
An index reading below 50 indicates a contraction and the ISM Manufacturing Index has now registered below 50 in three of the past four months.
Further, the prices paid component jumped to 83.5 in March 2008 from 75.5 in February 2008, indicative of continued cost pressures at the wholesale level. Production declined to 48.7 from 50.7, new orders fell to 46.5 from 49.1, and imports declined to 45.0 from 47.5.
The bright spots? The index's export component rose to 56.5 in March 2008 from 56.0 in February 2008, while the backlog of orders increased to 47.5 from 45.0.
Economists surveyed by Bloomberg News had expected the index to fall to 48.0 in March 2008. The ISM Manufacturing Index was 48.3 in February 2008.
An index reading below 50 indicates a contraction and the ISM Manufacturing Index has now registered below 50 in three of the past four months.
Further, the prices paid component jumped to 83.5 in March 2008 from 75.5 in February 2008, indicative of continued cost pressures at the wholesale level. Production declined to 48.7 from 50.7, new orders fell to 46.5 from 49.1, and imports declined to 45.0 from 47.5.
The bright spots? The index's export component rose to 56.5 in March 2008 from 56.0 in February 2008, while the backlog of orders increased to 47.5 from 45.0.
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