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Broad-Based Gains Cap A "Very Strong' Quarter For U.S. Manufacturers; Output, Prices, Jobs All Up; ISM gauge is consistent with 7.2% GDP growth; jobless claims drop again.(A)
Byline: CHRISTINA WISE
The recovery in the manufacturing sector gained steam in March with unexpectedly strong gains in everything from output and exports to prices and jobs.
The Institute for Supply Management's overall index of factory activity rose to 62.5 from 61.4 in February, blowing past the 59.5 economists had forecast.
It was the 10th straight month above the 50 boom-bust level.
New orders eased a bit to a still-robust 65.7 from 66.4, while production climbed to 65.5 from 63.9.
Norbert Ore, the group's chairman, said factory activity was "very strong."
Gary Thayer, chief economist with A.G. Edward, echoed the thought. "Not only was the overall index better than expected, but some of the better categories also showed strength," he said.
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