Manufacturing in the United States expanded in March at close to the fastest pace in almost seven years, reinforcing signs that the industry will propel growth in the world’s largest economy, Bloomberg reported.

The Institute for Supply Management’s (ISM) manufacturing index was little changed at 61.2 after February’s 61.4 reading, which was the highest since May 2004, the Tempe, Ariz.-based group’s report showed today. Figures greater than 50 signal expansion.

The Creighton Economic Forecasting Group’s Business Conditions Index, which produces a nine-state Midwest index using the same criteria as the ISM, slipped to 61.4 in March from 63.2 in February. The Midwest index, which includes Iowa, had shown growth for the previous 16 consecutive months. The Iowa Business Conditions Index increased to 67.9 in March from February’s 66.2.
 

“Very healthy growth stemming from the export of agricultural and
manufacturing goods continues to be an important source of growth in the
region,” said Ernie Goss, a Creighton University economics professor, in a news release.

Goss said Iowa has recovered approximately 20 percent of the nearly 60,000 jobs that were lost during the recession from December 2007 through March 2010. “Our surveys over the past several months indicate that by the end of the first quarter of 2012, Iowa’s employment level will be approximately 20,000 jobs below its pre-recession level,” he said.