- The Chicago Purchasing Manager for March rose to 48.2 versus estimates of 46.0 and a reading of 44.5 in February.
BOTTOM LINE: Exports spurred new orders and production as US business activity rose in March, Bloomberg reported. The Production component rose to 50.4 from 46.5. The Employment component jumped to 44.6 from 33.5. The Prices Paid component rose to 83.9 from 79.4 the prior month. The New Orders component surged to 53.9 from 48.8 in February. The Inventories component fell to 42.0 from 46.0 the prior month. Overall, this gauge showed meaningful improvement, especially considering the ongoing American Axle strike, and bodes well for other manufacturing readings showing improvement going forward.
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