The Purchasing Managers Index demonstrates the direction in which the manufacturing industry’s economy is moving. The PMI compares the current state of the manufacturing sector with the prior month. The neutral value is 50 indicates no change, a value less than 50 means that it’s contracting, and a value greater than 50 means that it’s growing. The PMI in March 2022 reached 63.6, a 9.8% increase from the previous month. This is also the highest PMI reported since 2010. Which demonstrates the most progress done in the industry over a one month period since 2010.
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