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American factory expansion quickens
Source: Agencies |
March 22, 2013, Friday
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MANUFACTURING growth in the United States quickened in March and the pace of hiring increased, suggesting the sector will contribute to stronger overall growth in the first quarter, an industry survey showed yesterday.
Data firm Markit said its "flash," or preliminary, Manufacturing Purchasing Managers Index rose to 54.9 this month from 54.3 in February.
Manufacturers boosted hiring this month, driving the employment sub-index to 54.6 from 53.5 and rounding out the best three-month stretch for hiring in the sector since early last year, Markit chief economist Chris Williamson said.
"With manufacturing a reliable bellwether of the rest of the economy, gross domestic product will have risen at a much improved rate" over the first three months of 2013, he said.
Data firm Markit said its "flash," or preliminary, Manufacturing Purchasing Managers Index rose to 54.9 this month from 54.3 in February.
Manufacturers boosted hiring this month, driving the employment sub-index to 54.6 from 53.5 and rounding out the best three-month stretch for hiring in the sector since early last year, Markit chief economist Chris Williamson said.
"With manufacturing a reliable bellwether of the rest of the economy, gross domestic product will have risen at a much improved rate" over the first three months of 2013, he said.
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