PMI(R) at 51.5%; March Manufacturing ISM(R) Report On
Business(R); New Orders, Production and Inventories Growing;
Employment Unchanged; Supplier Deliveries Slowing
PR Newswire
TEMPE, Ariz., April 1, 2015
DO NOT CONFUSE THIS NATIONAL REPORT with the various regional
purchasing reports released across the country. The national
report's information reflects the entire United States, while the
regional reports contain primarily regional data from their local
vicinities. Also, the information in the regional reports is not
used in calculating the results of the national report. The
information compiled in this report is for the month of March
2015.
TEMPE, Ariz., April 1, 2015 /PRNewswire/ -- Economic activity in
the manufacturing sector expanded in March for the 27th consecutive
month, and the overall economy grew for the 70th consecutive month,
say the nation's supply executives in the latest Manufacturing
ISM(R) Report On Business(R) .
The report was issued today by Bradley J. Holcomb, CPSM, CPSD,
chair of the Institute for Supply Management(R) (ISM(R) )
Manufacturing Business Survey Committee. "The March PMI(R)
registered 51.5 percent, a decrease of 1.4 percentage points from
February's reading of 52.9 percent. The New Orders Index registered
51.8 percent, a decrease of 0.7 percentage point from the reading
of 52.5 percent in February. The Production Index registered 53.8
percent, 0.1 percentage point above the February reading of 53.7
percent. The Employment Index registered 50 percent, 1.4 percentage
points below the February reading of 51.4 percent, reflecting
unchanged employment levels from February. Inventories of raw
materials registered 51.5 percent, a decrease of 1 percentage point
from the February reading of 52.5 percent. The Prices Index
registered 39 percent, 4 percentage points above the February
reading of 35 percent, indicating lower raw materials prices for
the fifth consecutive month. Comments from the panel refer to
continuing challenges from the West Coast port issue, lower oil
prices having both positive and negative impacts depending upon the
industry, residual effects of the harsh winter, higher costs of
healthcare premiums, and challenges associated with the stronger
dollar on international business."
Of the 18 manufacturing industries, 10 are reporting growth in
March in the following order: Paper Products; Wood Products;
Transportation Equipment; Fabricated Metal Products; Nonmetallic
Mineral Products; Machinery; Chemical Products; Primary Metals;
Food, Beverage & Tobacco Products; and Computer &
Electronic Products. The seven industries reporting contraction in
March -- listed in order -- are: Apparel, Leather & Allied
Products; Textile Mills; Petroleum & Coal Products; Electrical
Equipment, Appliances & Components; Miscellaneous
Manufacturing; Plastics & Rubber Products; and Furniture &
Related Products.
WHAT RESPONDENTS ARE SAYING ...
-- "Falling energies have helped on the cost side while sales are getting a
boost through improvements in consumer disposable income." (Food,
Beverage & Tobacco Products)
-- "Our business is still strong and on projection. Dollar strength is
challenging for our international business." (Fabricated Metal Products)
-- "Business is still extremely strong." (Transportation Equipment)
-- "Oil prices impacting drilling and project activity. Pursuing cost
reductions from suppliers for a wide variety of goods and services."
(Petroleum & Coal Products)
-- "Business really starting to slow down. Oil pricing is having a major
effect on energy markets." (Computer & Electronic Products)
-- "Steady Q1 demand but somewhat interrupted by weather." (Primary Metals)
-- "Operating costs are higher due to increases in healthcare premiums."
(Miscellaneous Manufacturing)
-- "March business is improving over Jan-Feb, thawing out of this crazy
winter." (Paper Products)
-- "Dealing with ongoing delivery issues associated with congestion at the
U.S. West Coast and Vancouver ports." (Machinery)
-- "Congestion at the West Coast ports delaying incoming products." (Textile
Mills)
MANUFACTURING AT A GLANCE
MARCH 2015
------------------------------------------------------------------------------
Series Series Percentage
Index Index Point Rate of Trend*
Index Mar Feb Change Direction Change (Months)
PMI(R) 51.5 52.9 -1.4 Growing Slower 27
New Orders 51.8 52.5 -0.7 Growing Slower 28
------------
Production 53.8 53.7 +0.1 Growing Faster 31
From
Employment 50.0 51.4 -1.4 Unchanged Growing 1
Supplier
Deliveries 50.5 54.3 -3.8 Slowing Slower 22
Inventories 51.5 52.5 -1.0 Growing Slower 3
Customers'
Inventories 45.5 46.5 -1.0 Too Low Faster 4
Prices 39.0 35.0 +4.0 Decreasing Slower 5
Backlog of From
Orders 49.5 51.5 -2.0 Contracting Growing 1
Exports 47.5 48.5 -1.0 Contracting Faster 3
Imports 52.5 54.0 -1.5 Growing Slower 26
Growing Slower 70
OVERALL ECONOMY
Manufacturing Sector Growing Slower 27
Manufacturing ISM(R) Report On Business(R) data is seasonally
adjusted for New Orders, Production, Employment and Supplier
Deliveries indexes.
*Number of months moving in current direction.
COMMODITIES REPORTED UP/DOWN IN PRICE AND IN SHORT SUPPLY
Commodities Up in Price
Dairy; Gasoline; Polypropylene Resin; and Steel -- Hot
Rolled*.
Commodities Down in Price
Aluminum (4); Carbon Steel (3); Copper (8); HDPE Resin (4);
Nickel (3); Oil (4); PET Resin (5); Plastic Resin (4); Scrap Steel
(4); Stainless Steel (5); Steel (4); Steel -- Cold Rolled; and
Steel -- Hot Rolled (5)*.
Commodities in Short Supply
The only commodity listed in short supply during March is
Trucking Services.
Note: The number of consecutive months the commodity is listed
is indicated after each item.
*Reported as both up and down in price.
MARCH 2015 MANUFACTURING INDEX SUMMARIES
PMI(R) Manufacturing expanded in March as the PMI(R) registered
51.5 percent, a decrease of 1.4 percentage points when compared to
February's reading of 52.9 percent, indicating growth in
manufacturing for the 27th consecutive month. A reading above 50
percent indicates that the manufacturing economy is generally
expanding; below 50 percent indicates that it is generally
contracting.
A PMI(R) in excess of 43.1 percent, over a period of time,
generally indicates an expansion of the overall economy. Therefore,
the March PMI(R) indicates growth for the 70th consecutive month in
the overall economy, and indicates expansion in the manufacturing
sector for the 27th consecutive month. Holcomb stated, "The past
relationship between the PMI(R) and the overall economy indicates
that the average PMI(R) for January through March (52.6 percent)
corresponds to a 3 percent increase in real gross domestic product
(GDP) on an annualized basis. In addition, if the PMI(R) for March
(51.5 percent) is annualized, it corresponds to a 2.6 percent
increase in real GDP annually."
THE LAST 12 MONTHS
Month PMI(R) Month PMI(R)
---------- ------ -------- ------
Mar 2015 51.5 Sep 2014 56.1
---------- ------ -------- ------
Feb 2015 52.9 Aug 2014 58.1
---------- ------ -------- ------
Jan 2015 53.5 Jul 2014 56.4
---------- ------ -------- ------
Dec 2014 55.1 Jun 2014 55.7
---------- ------ -------- ------
Nov 2014 57.6 May 2014 55.6
---------- ------ -------- ------
Oct 2014 57.9 Apr 2014 55.3
---------- ------ -------- ------
Average for 12 months -- 55.5
High -- 58.1
Low -- 51.5
------------------------------------
New Orders
ISM(R) 's New Orders Index registered 51.8 percent in March, a
decrease of 0.7 percentage point when compared to the February
reading of 52.5 percent, indicating growth in new orders for the
28th consecutive month. A New Orders Index above 52.1 percent, over
time, is generally consistent with an increase in the Census
Bureau's series on manufacturing orders (in constant 2000
dollars).
The nine industries reporting growth in new orders in March --
listed in order -- are: Wood Products; Paper Products; Fabricated
Metal Products; Transportation Equipment; Food, Beverage &
Tobacco Products; Machinery; Furniture & Related Products;
Chemical Products; and Computer & Electronic Products. The
eight industries reporting a decrease in new orders during March --
listed in order -- are: Apparel, Leather & Allied Products;
Printing & Related Support Activities; Textile Mills; Petroleum
& Coal Products; Miscellaneous Manufacturing; Electrical
Equipment, Appliances & Components; Primary Metals; and
Plastics & Rubber Products.
New Orders %Better %Same %Worse Net Index
----------- ------- ----- ------ --- -----
Mar 2015 27 58 15 +12 51.8
----------- ------- ----- ------ --- -----
Feb 2015 28 55 17 +11 52.5
----------- ------- ----- ------ --- -----
Jan 2015 24 59 17 +7 52.9
----------- ------- ----- ------ --- -----
Dec 2014 25 57 18 +7 57.8
----------- ------- ----- ------ --- -----
Production
ISM(R) 's Production Index registered 53.8 percent in March,
which is an increase of 0.1 percentage point when compared to the
53.7 percent reported in February, indicating growth in production
for the 31st consecutive month. An index above 51.1 percent, over
time, is generally consistent with an increase in the Federal
Reserve Board's Industrial Production figures.
The nine industries reporting growth in production during the
month of March -- listed in order -- are: Paper Products;
Transportation Equipment; Nonmetallic Mineral Products; Fabricated
Metal Products; Food, Beverage & Tobacco Products; Chemical
Products; Primary Metals; Machinery; and Computer & Electronic
Products. The five industries reporting a decrease in production
during March are: Printing & Related Support Activities;
Apparel, Leather & Allied Products; Electrical Equipment,
Appliances & Components; Furniture & Related Products; and
Plastics & Rubber Products.
Production %Better %Same %Worse Net Index
----------- ------- ----- ------ --- -----
Mar 2015 25 64 11 +14 53.8
----------- ------- ----- ------ --- -----
Feb 2015 27 57 16 +11 53.7
----------- ------- ----- ------ --- -----
Jan 2015 24 61 15 +9 56.5
----------- ------- ----- ------ --- -----
Dec 2014 24 59 17 +7 57.7
----------- ------- ----- ------ --- -----
Employment
ISM(R) 's Employment Index registered 50 percent in March, which
is a decrease of 1.4 percentage points when compared to the 51.4
percent reported in February. The March reading of 50 percent
indicates that there was no change in manufacturing employment
relative to February, and follows 21 consecutive months of growth
in employment. An Employment Index above 50.6 percent, over time,
is generally consistent with an increase in the Bureau of Labor
Statistics (BLS) data on manufacturing employment.
Of the 18 manufacturing industries, in March, seven industries
reported employment growth in the following order: Printing &
Related Support Activities; Nonmetallic Mineral Products; Paper
Products; Primary Metals; Transportation Equipment; Machinery; and
Plastics & Rubber Products. The seven industries reporting a
decrease in employment in March -- listed in order -- are: Apparel,
Leather & Allied Products; Textile Mills; Petroleum & Coal
Products; Electrical Equipment, Appliances & Components;
Computer & Electronic Products; Food, Beverage & Tobacco
Products; and Miscellaneous Manufacturing.
Employment %Higher %Same %Lower Net Index
----------- ------- ----- ------ --- -----
Mar 2015 17 68 15 +2 50.0
----------- ------- ----- ------ --- -----
Feb 2015 18 68 14 +4 51.4
----------- ------- ----- ------ --- -----
Jan 2015 15 75 10 +5 54.1
----------- ------- ----- ------ --- -----
Dec 2014 19 70 11 +8 56.0
----------- ------- ----- ------ --- -----
Supplier Deliveries
The delivery performance of suppliers to manufacturing
organizations slowed in March at a slower rate as the Supplier
Deliveries Index registered 50.5 percent. This month's reading is
3.8 percentage points lower than the 54.3 percent reported in
February. A reading below 50 percent indicates faster deliveries,
while a reading above 50 percent indicates slower deliveries.
The 11 industries reporting slower supplier deliveries in March
-- listed in order -- are: Textile Mills; Wood Products; Electrical
Equipment, Appliances & Components; Plastics & Rubber
Products; Furniture & Related Products; Transportation
Equipment; Miscellaneous Manufacturing; Machinery; Fabricated Metal
Products; Computer & Electronic Products; and Chemical
Products. The four industries reporting faster supplier deliveries
during March are: Petroleum & Coal Products; Primary Metals;
Food, Beverage & Tobacco Products; and Paper Products.
Supplier Deliveries %Slower %Same %Faster Net Index
-------------------- ------- ----- ------- --- -----
Mar 2015 14 76 10 +4 50.5
-------------------- ------- ----- ------- --- -----
Feb 2015 17 75 8 +9 54.3
-------------------- ------- ----- ------- --- -----
Jan 2015 14 80 6 +8 52.9
-------------------- ------- ----- ------- --- -----
Dec 2014 17 80 3 +14 58.6
-------------------- ------- ----- ------- --- -----
Inventories*
The Inventories Index registered 51.5 percent in March, which is
1 percentage point lower than the 52.5 percent registered in
February, indicating raw materials inventories are growing for the
third consecutive month. An Inventories Index greater than 42.9
percent, over time, is generally consistent with expansion in the
Bureau of Economic Analysis (BEA) figures on overall manufacturing
inventories (in chained 2000 dollars).
The eight industries reporting higher inventories in March --
listed in order -- are: Printing & Related Support Activities;
Primary Metals; Machinery; Miscellaneous Manufacturing; Computer
& Electronic Products; Food, Beverage & Tobacco Products;
Chemical Products; and Transportation Equipment. The five
industries reporting lower inventories in March are: Plastics &
Rubber Products; Apparel, Leather & Allied Products; Textile
Mills; Furniture & Related Products; and Paper Products.
Inventories %Higher %Same %Lower Net Index
------------ ------- ----- ------ --- -----
Mar 2015 15 73 12 +3 51.5
------------ ------- ----- ------ --- -----
Feb 2015 21 63 16 +5 52.5
------------ ------- ----- ------ --- -----
Jan 2015 21 60 19 +2 51.0
------------ ------- ----- ------ --- -----
Dec 2014 17 57 26 -9 45.5
------------ ------- ----- ------ --- -----
Customers' Inventories*
ISM(R) 's Customers' Inventories Index registered 45.5 percent
in March, a decrease of 1 percentage point from February when
customers' inventories registered 46.5 percent. March's reading
indicates that customers' inventories are considered to be too low,
and lower than in February.
The three manufacturing industries reporting customers'
inventories as being too high during the month of March are:
Electrical Equipment, Appliances & Components; Primary Metals;
and Food, Beverage & Tobacco Products. The eight industries
reporting customers' inventories as too low during March -- listed
in order -- are: Transportation Equipment; Paper Products;
Furniture & Related Products; Plastics & Rubber Products;
Machinery; Chemical Products; Computer & Electronic Products;
and Fabricated Metal Products.
Customers'
Inventories % Reporting %Too High %About Right %Too Low Net Index
------------------ ----------- --------- ------------ -------- --- -----
Mar 2015 60 12 67 21 -9 45.5
------------------ ----------- --------- ------------ -------- --- -----
Feb 2015 65 12 69 19 -7 46.5
------------------ ----------- --------- ------------ -------- --- -----
Jan 2015 62 9 67 24 -15 42.5
------------------ ----------- --------- ------------ -------- --- -----
Dec 2014 62 10 69 21 -11 44.5
------------------ ----------- --------- ------------ -------- --- -----
Prices*
The ISM(R) Prices Index registered 39 percent in March, an
increase of 4 percentage points when compared to the February
reading of 35 percent, indicating a decrease in raw materials
prices for the fifth consecutive month. In March, 10 percent of
respondents reported paying higher prices, 32 percent reported
paying lower prices, and 58 percent of supply executives reported
paying the same prices as in February. A Prices Index above 52.1
percent, over time, is generally consistent with an increase in the
Bureau of Labor Statistics (BLS) Producer Price Index for
Intermediate Materials.
Of the 18 manufacturing industries, the two industries reporting
paying increased prices for its raw materials in March are: Food,
Beverage & Tobacco Products; and Computer & Electronic
Products. The 14 industries reporting paying lower prices during
the month of March -- listed in order -- are: Paper Products;
Petroleum & Coal Products; Printing & Related Support
Activities; Wood Products; Apparel, Leather & Allied Products;
Textile Mills; Fabricated Metal Products; Machinery; Furniture
& Related Products; Plastics & Rubber Products;
Transportation Equipment; Nonmetallic Mineral Products; Chemical
Products; and Primary Metals.
Prices %Higher %Same %Lower Net Index
--------- ------- ----- ------ --- -----
Mar 2015 10 58 32 -22 39.0
--------- ------- ----- ------ --- -----
Feb 2015 8 54 38 -30 35.0
--------- ------- ----- ------ --- -----
Jan 2015 11 48 41 -30 35.0
--------- ------- ----- ------ --- -----
Dec 2014 12 53 35 -23 38.5
--------- ------- ----- ------ --- -----
Backlog of Orders*
ISM(R) 's Backlog of Orders Index registered 49.5 percent in
March, which is 2 percentage points lower than the 51.5 percent
reported in February, indicating contraction in order backlogs
following one month of expansion in order backlogs. Of the 84
percent of respondents who reported their backlog of orders, 18
percent reported greater backlogs, 19 percent reported smaller
backlogs, and 63 percent reported no change from February.
The six industries reporting increased order backlogs in March
-- listed in order -- are: Wood Products; Fabricated Metal
Products; Machinery; Nonmetallic Mineral Products; Chemical
Products; and Transportation Equipment. The nine industries
reporting a decrease in order backlogs during March -- listed in
order -- are: Textile Mills; Plastics & Rubber Products;
Petroleum & Coal Products; Miscellaneous Manufacturing; Paper
Products; Food, Beverage & Tobacco Products; Furniture &
Related Products; Computer & Electronic Products; and Primary
Metals.
Backlog of Orders % Reporting %Greater %Same %Less Net Index
------------------ ----------- -------- ----- ----- --- -----
Mar 2015 84 18 63 19 -1 49.5
------------------ ----------- -------- ----- ----- --- -----
Feb 2015 86 23 57 20 +3 51.5
------------------ ----------- -------- ----- ----- --- -----
Jan 2015 87 18 56 26 -8 46.0
------------------ ----------- -------- ----- ----- --- -----
Dec 2014 87 25 55 20 +5 52.5
------------------ ----------- -------- ----- ----- --- -----
New Export Orders*
ISM(R) 's New Export Orders Index registered 47.5 percent in
March, which is 1 percentage point lower than the 48.5 percent
reported in February. March's reading reflects the third
consecutive month of contraction in the level of exports, following
25 consecutive months of growth in new export orders.
The five industries reporting growth in new export orders in
March are: Fabricated Metal Products; Food, Beverage & Tobacco
Products; Computer & Electronic Products; Machinery; and
Miscellaneous Manufacturing. The eight industries reporting a
decrease in new export orders during March -- listed in order --
are: Textile Mills; Furniture & Related Products; Apparel,
Leather & Allied Products; Electrical Equipment, Appliances
& Components; Primary Metals; Transportation Equipment; Paper
Products; and Chemical Products.
New Export Orders % Reporting %Higher %Same %Lower Net Index
------------------ ----------- ------- ----- ------ --- -----
Mar 2015 73 10 75 15 -5 47.5
------------------ ----------- ------- ----- ------ --- -----
Feb 2015 74 11 75 14 -3 48.5
------------------ ----------- ------- ----- ------ --- -----
Jan 2015 77 10 79 11 -1 49.5
------------------ ----------- ------- ----- ------ --- -----
Dec 2014 76 14 76 10 +4 52.0
------------------ ----------- ------- ----- ------ --- -----
Imports*
ISM(R) 's Imports Index registered 52.5 percent in March, which
is 1.5 percentage points lower than the 54 percent reported in
February. This month's reading represents 26 consecutive months of
growth in imports.
The eight industries reporting growth in imports during the
month of March -- listed in order -- are: Textile Mills; Primary
Metals; Machinery; Miscellaneous Manufacturing; Transportation
Equipment; Chemical Products; Computer & Electronic Products;
and Furniture & Related Products. The five industries reporting
a decrease in imports during March are: Nonmetallic Mineral
Products; Printing & Related Support Activities; Electrical
Equipment, Appliances & Components; Fabricated Metal Products;
and Food, Beverage & Tobacco Products.
Imports % Reporting %Higher %Same %Lower Net Index
--------- ----------- ------- ----- ------ --- -----
Mar 2015 75 17 71 12 +5 52.5
--------- ----------- ------- ----- ------ --- -----
Feb 2015 75 17 74 9 +8 54.0
--------- ----------- ------- ----- ------ --- -----
Jan 2015 76 16 79 5 +11 55.5
--------- ----------- ------- ----- ------ --- -----
Dec 2014 78 18 74 8 +10 55.0
--------- ----------- ------- ----- ------ --- -----
* The Inventories, Customers' Inventories, Prices, Backlog of
Orders, New Export Orders and Imports Indexes do not meet the
accepted criteria for seasonal adjustments.
Buying Policy
Average commitment lead time for Capital Expenditures increased
4 days to 136 days. Average lead time for Production Materials
decreased 1 day to 63 days. Average lead time for Maintenance,
Repair and Operating (MRO) Supplies remained unchanged at 26
days.
Percent Reporting
Capital 30 60 90 6 1 Average
Expenditures Hand-to-Mouth Days Days Days Months Year+ Days
Mar 2015 27 4 9 18 22 20 136
Feb 2015 27 6 11 14 23 19 132
Jan 2015 28 6 11 16 22 17 125
Dec 2014 26 6 11 17 24 16 126
Production 30 60 90 6 1 Average
Materials Hand-to-Mouth Days Days Days Months Year+ Days
Mar 2015 15 36 23 16 7 3 63
Feb 2015 19 32 23 14 9 3 64
Jan 2015 17 36 22 16 7 2 59
Dec 2014 13 41 22 13 8 3 63
30 60 90 6 1 Average
MRO Supplies Hand-to-Mouth Days Days Days Months Year+ Days
Mar 2015 49 31 15 4 1 0 26
Feb 2015 45 35 15 5 0 0 26
Jan 2015 45 37 11 6 1 0 27
Dec 2014 47 33 14 5 1 0 27
About This Report
The data presented herein is obtained from a survey of
manufacturing supply managers based on information they have
collected within their respective organizations. ISM(R) makes no
representation, other than that stated within this release,
regarding the individual company data collection procedures. The
data should be compared to all other economic data sources when
used in decision-making.
Data and Method of Presentation
The Manufacturing ISM(R) Report On Business(R) is based on data
compiled from purchasing and supply executives nationwide.
Membership of the Manufacturing Business Survey Committee is
diversified by NAICS, based on each industry's contribution to
gross domestic product (GDP). Manufacturing Business Survey
Committee responses are divided into the following NAICS code
categories: Food, Beverage & Tobacco Products; Textile Mills;
Apparel, Leather & Allied Products; Wood Products; Paper
Products; Printing & Related Support Activities; Petroleum
& Coal Products; Chemical Products; Plastics & Rubber
Products; Nonmetallic Mineral Products; Primary Metals; Fabricated
Metal Products; Machinery; Computer & Electronic Products;
Electrical Equipment, Appliances & Components; Transportation
Equipment; Furniture & Related Products; and Miscellaneous
Manufacturing (products such as medical equipment and supplies,
jewelry, sporting goods, toys and office supplies).
Survey responses reflect the change, if any, in the current
month compared to the previous month. For each of the indicators
measured (New Orders, Backlog of Orders, New Export Orders,
Imports, Production, Supplier Deliveries, Inventories, Customers'
Inventories, Employment and Prices), this report shows the
percentage reporting each response, the net difference between the
number of responses in the positive economic direction (higher,
better and slower for Supplier Deliveries) and the negative
economic direction (lower, worse and faster for Supplier
Deliveries), and the diffusion index. Responses are raw data and
are never changed. The diffusion index includes the percent of
positive responses plus one-half of those responding the same
(considered positive).
The resulting single index number for those meeting the criteria
for seasonal adjustments (PMI(R) , New Orders, Production,
Employment and Supplier Deliveries) is then seasonally adjusted to
allow for the effects of repetitive intra-year variations resulting
primarily from normal differences in weather conditions, various
institutional arrangements, and differences attributable to
non-moveable holidays. All seasonal adjustment factors are subject
annually to relatively minor changes when conditions warrant them.
The PMI(R) is a composite index based on the diffusion indexes of
five of the indexes with equal weights: New Orders (seasonally
adjusted), Production (seasonally adjusted), Employment (seasonally
adjusted), Supplier Deliveries (seasonally adjusted), and
Inventories.
Diffusion indexes have the properties of leading indicators and
are convenient summary measures showing the prevailing direction of
change and the scope of change. A PMI(R) reading above 50 percent
indicates that the manufacturing economy is generally expanding;
below 50 percent indicates that it is generally declining. A PMI(R)
in excess of 43.1 percent, over a period of time, indicates that
the overall economy, or gross domestic product (GDP), is generally
expanding; below 43.1 percent, it is generally declining. The
distance from 50 percent or 43.1 percent is indicative of the
strength of the expansion or decline. With some of the indicators
within this report, ISM(R) has indicated the departure point
between expansion and decline of comparable government series, as
determined by regression analysis.
The Manufacturing ISM(R) Report On Business(R) survey is sent
out to Manufacturing Business Survey Committee respondents the
first part of each month. Respondents are asked to ONLY report on
information for the current month. ISM(R) receives survey responses
throughout most of any given month, with the majority of
respondents generally waiting until late in the month to submit
responses in order to give the most accurate picture of current
business activity. ISM(R) then compiles the report for release on
the first business day of the following month.
The industries reporting growth, as indicated in the
Manufacturing ISM(R) Report On Business(R) monthly report, are
listed in the order of most growth to least growth. For the
industries reporting contraction or decreases, those are listed in
the order of the highest level of contraction/decrease to the least
level of contraction/decrease.
Responses to Buying Policy reflect the percent reporting the
current month's lead time, the approximate weighted number of days
ahead for which commitments are made for Production Materials;
Capital Expenditures; and Maintenance, Repair and Operating (MRO)
Supplies, expressed as hand-to-mouth (five days), 30 days, 60 days,
90 days, six months (180 days), a year or more (360 days), and the
weighted average number of days. These responses are raw data,
never revised, and not seasonally adjusted since there is no
significant seasonal pattern.
About Institute for Supply Management(R)
Founded in 1915 as the first supply management institute in the
world, Institute for Supply Management(R) (ISM(R) ) is committed to
advancing the practice of supply chain management to drive value
and competitive advantage for its members, contributing to a
prosperous and sustainable world. This year, ISM celebrates 100
years of leading, innovating and guiding the profession through the
renowned ISM Report On Business(R) , highly regarded certification
programs, and industry-standard training and educational resources.
ISM is a not-for-profit organization with global influence, serving
supply chain professionals in more than 90 countries. This report
has been issued by the association since 1931, except for a
four-year interruption during World War II.
The full text version of the Manufacturing ISM(R) Report On
Business(R) is posted on ISM(R) 's website at www.ism.ws on the
first business day* of every month after 10:00 a.m. (ET).
The next Manufacturing ISM(R) Report On Business(R) featuring
the April 2015 data will be released at 10:00 a.m. (ET) on Friday,
May 1, 2015.
*Unless the NYSE is closed.
Contact: Kristina Cahill
Report On Business(R) Analyst
ISM(R) , ROB/Research
Tempe, Arizona
800/888-6276, Ext. 3015
E-mail: kcahill@ism.ws
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SOURCE Institute for Supply Management