Manufacturing index tops 60 for third straight month   

The Institute of Supply Management reported that the Purchasing Managers' Index (PMI) decreased from 61.4 in February to 61.2 in March. This is the third straight month that PMI exceeded 60 and represents 20 consecutive months of growth. The index matches the peak of the last cycle which was May 2004 when PMI reached 61.4. A PMI over 50 indicates growth while a PMI under 50 indicates contraction in the manufacturing sector of the economy. The index reached a low of 32.5 in December 2008 but then recovered more quickly than other areas of the economy and remains one of the brighter spots in the economy today. The vertical bars in the graph represent recessions.