A good but uninspiring report for the U.S. New orders were off a little and new export orders tumbled back below January’s level.

The PMI registered 53.4%, an increase of 1 percentage point from February’s reading of 52.4%. The Production Index increased 3 percentage points from February’s reading of 55.3% to 58.3%, and the Employment Index increased 2.9 percentage points to 56.1%.

Of the 18 manufacturing industries, 15 reported growth in March while only two industries reported contraction (Computer & Electronic Products; and Chemical Products).

New Orders

ISM’s New Orders Index registered 54.5% in March, a decrease of 0.4 percentage point.

Fifteen industries reported growth in new orders in March while two industries reported decreases (Computer & Electronic Products; and Electrical Equipment, Appliances & Components).

Employment

ISM’s Employment Index registered 56.1% in March, +2.9 percentage points. Twelve industries reported growth in employment in March and three reported a decrease.

Backlog of Orders

ISM’s Backlog of Orders Index registered 52.5% in March, +0.5 percentage point.

Nine industries reported increased order backlogs in March while five industries reported decreases.

New Export Orders

ISM’s New Export Orders Index registered 54% in March, down 5.5 percentage points from February.

Eight industries reported growth in new export orders in March and four reported a decrease.