The U.S. purchasing managers index (PMI) for March was reported at 54.6 this morning by Markit Economics. The consensus estimate called for a reading of 54.0, compared with a February reading of 54.3. The actual number is lower than the 54.9 flash PMI reading previously released. Readings above 50 indicate expansion, while those below indicate contraction.

The Institute for Supply Management reports PMI later this morning, and it is expected to post a reading of 54.0, down from 54.2 in February.

The biggest change in the Markit report came in new export orders, up from 48.5 in February to 51.8 in March, but employment also expanded at a faster rate and backlogs rose above 50. Markit noted:

The rate of job creation in the U.S. manufacturing sector quickened in March, and was faster than the average for 2012 as a whole. Panellists that hired additional staff over the month generally cited increased business activity.

The Markit report is available here.

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