Manufacturing sales rose 2.5% to $70.2 billion in March, the sixth consecutive monthly increase. Sales rose in 16 of 21 industries, led by the petroleum and coal (+9.1%), primary metal (+6.5%), paper (+9.3%), and chemical (+3.3%) product industries. Meanwhile, the machinery industry posted the largest decline (-4.9%).
On a quarterly basis, sales rose 6.5% in the first quarter of 2022, the seventh consecutive quarterly gain and the largest increase since the third quarter of 2020.
Sales in constant dollars were unchanged in March, indicating that the entire increase in current dollar sales was driven by higher prices as the Industrial Product Price Index rose 4.0%. Quarterly sales in volume terms increased 1.4% in the first quarter of 2022.
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