In turn, Yahoo Finance said that S and P Global’s own manufacturing PMI reading showed that US manufacturing production reached a 22-month high in March. The firm’s broader measure of manufacturing activity hit 51.9 in March, down from February’s reading of 52.2, which was the highest since July 2022.

S and P Global Market Intelligence chief business economist Chris Williamson said that, “the final reading of the S and P Global Manufacturing PMI signaled a further encouraging improvement in business conditions in March, adding to signs that the US economy looks to have expanded at a solid pace again in the first quarter.” Bank of America US and Canada equity strategist Ohsung Kwon wrote in a note to clients last month, “we see continued signs of a manufacturing upcycle, signaling an end to the third-longest manufacturing downturn in history.” In terms of the effects on inflation, “most notable was an especially steep rise in prices charged for consumer goods, which rose at a pace not seen for 16 months, unde
rscoring the likely bumpy path in bringing inflation down to the Fed’s 2% target,” Williamson said.

S and P Global noted average selling prices charged by producers increased at their fastest rate in 11 months. The ISM’s prices paid sub-index rose to 55.8 in March, the highest since July 2022.

Source: Qatar News Agency