As individual regions continue to report booms in their manufacturing operations, the overall state of jobs within this industry continues to look up across the nation. More factories are opening their doors in the U.S., leading to greater outlooks for the future, higher productivity and an increase in the number of jobs available for workers. The sector has already seen immense growth this year, and experts predict that sentiment will continue through the next several months.
Industry report finds manufacturing industry experiencing positive growth
According to a recently released report from the Institute for Supply Management, the manufacturing industry performed well in the month of March. The company reported that for the 10th month in a row, this sector experienced positive economic growth. For March, the Purchasing Managers Index was at 53.7 percent, which was 0.5 percent higher than in February. While Reuters initially predicted the number would be slightly higher at 54 percent, experts were still pleased with the findings.
Bradley J. Holcomb, the chair of ISM, said in a press release that employment in the industry grew for the ninth month in a row, coming in at 51.1 percent. He explained that company executives who participated in compiling the report indicated that for the most part, employment was expected to continue growing as the year progresses.
"Several comments from the panel reflect favorable demand and good business conditions, with some lingering concerns about the particularly adverse weather conditions across the country," Holcomb said.
U.S. stocks rise after report
After the ISM report indicated positive growth in the manufacturing sector, U.S. stocks rose in a variety of production sectors, The Associated Press reported. Ford Motors and Intuitive Surgical saw their stocks jump, as both companies experienced improvements in the past month. While the U.S. Bureau of Labor Statistics will release its monthly jobs report April 4, experts predict that employers added more than 191,000 jobs in March, fueled partially by the recent manufacturing boom.
Bloomberg Businessweek reported that the overall success of this industry would be a key indicator of the continued economic growth of the nation. Although harsh weather may have negatively impacted job reports from January and February, experts believe March numbers will show a decisive improvement, especially since manufacturing was one of the job areas the weather greatly affected. Joshua Shapiro, the chief U.S. economist at Maria Fiorini Ramirez Inc., told the source that the March employment report should indicate a nationwide recovery, which will only continue to strengthen through the next several months.