USA Today (4/2, Davidson) reports the Institute for Supply Management’s measurement index of factory activity rose “modestly” from 53.2 in February to 53.7 in March. The gain was smaller than expected, but reflects the shrinking output caused by adverse weather. The index for new orders moved from 54.5 to 55.1, and the employment index dropped from 52.3 to 51.1.
Midwestern Manufacturing Pace Quickens. The Kansas City (MO) Star (4/1) reports that a Creighton University survey of purchasing managers in nine Midwestern states showed an index growth from 57.4 in February to 58.2 in March. The survey indicates that “manufacturing expanded at a quicker pace during March” in the states surveyed.
The Canadian Press (4/2) reports the RBC Canadian Manufacturing Purchasing Managers Index came in at 53.3 in March, up from a level of 52.9 in February. The Press notes that “export orders in March increased at the second-fastest pace since October but input costs rose at the steepest pace since May 2011.”
Newsday (4/2, Madore) reports that with the passing of the New York State budget agreement, manufacturers will no longer have to pay the corporate income tax. The removal of the income tax is an effort by the state to keep manufacturers from moving to places outside of the state.
From SME Daily Executive Briefing 2.4.2014