S&P Global US March manufacturing PMI 58.8 vs 58.5 prior

• Prelim was 58.5
• Prior was 57.3
• Output 56.1 vs 56.5 prelim and 52.5 prior
• Prices 79.5 vs 79.7 prelim and 79.2 prior
• Some firms linked the rise in new orders to stockpiling at customers amid steep increases in selling prices
• The rate of purchasing growth was the sharpest since last September as firms sought to protect against future price hikes

S&P Global bought Markit last month so all the Markit PMIs are now known as 'S&P Global'. That can be a bit confusing because this is a US PMI, not a global one.

Chris Williamson, Chief Business Economist at S&P Global, said:

“US manufacturing growth accelerated in March as strong demand and improving prospects countered the headwinds of soaring cost pressures and the RussiaUkraine war.

“Order book growth has picked up as customers look to the further reopening of the domestic and global economies amid signs that the disruptions from the pandemic continue to fade.

“While companies continued to report widespread production constraints due to supply chain bottlenecks, the incidence of such delays is now lower than at any time since January 2021. Jobs growth has also improved as fewer companies reported labor shortages. “Similarly, although price pressures remain elevated, with surging energy costs pushing firms’ costs higher at an increased rate in March, rates of inflation of both input costs and average selling prices have fallen from the record highs seen late last year to hint that consumer price inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term could likewise soon peak.

“It was especially encouraging to see business optimism about the year ahead improve further in March, despite the new uncertainties, sanctions and geopolitical risks caused by the Ukraine invasion, with optimism among producers now the brightest since late-2020.”