March PMI at 59.1, second-highest on record

• March PMI Manufacturing Index 59.1 vs. 59.0 consensus, 58.6 prior.
• Output growth softens amid raw material shortages.
• Unprecedented deterioration in vendor performance.
• Costs and charges rise at historically elevated rates.
• “March saw manufacturers struggle to cope with surging inflows of new orders. Although output continued to rise at a solid pace, capacity is being severely strained by the combination of soaring demand and supply chain disruptions: supply chain delays and backlogs of uncompleted orders are growing at rates unprecedented in the survey’s 14-year history, meaning inventories of finished goods are falling at a steep rate," commented Chris Williamson, Chief Business Economist.