American factories expanded activity at the fastest pace in nearly four years in March, shrugging off a war-driven surge in input costs that has dominated headlines but failed to dent the sector’s momentum.
The Institute for Supply Management’s Manufacturing PMI registered 52.7 in March, up from 52.4 in February, marking the third consecutive month of expansion and the strongest reading since 2022. Separately, the S&P Global US Manufacturing PMI rose to 52.3 from 51.6, extending its own expansion streak to eight months. The two surveys, which use different panels and methodologies, converged on the same conclusion: manufacturing is growing, and the pace is picking up.
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