The ISM reported a reading of 61.2% in March, down from 61.4% in February, but still steadily above the 50% mark that indicates that manufacturing is expanding.
Veeco shares are trading sharply lower Tuesday after CLSA Asia-Pacific Markets analyst Mark Heller cut his rating on the maker of LED manufacturing equipment to Sell form Underperform.
In 2011 manufacturing expanded at three time the rate of overall GDP, according to Mark Perry of the University of Michigan-Flint, and the sector added 425, 000 jobs, also outpacing the national average.